AvaTrade - Analytics

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USD/JPY- Uptrend still strong

The USD/JPY is trading above its upward trend line on a 30 minute time frame. The price is also trading in an upward wedge pattern within the resistance and support zone which are mentioned below. If the price breaks out of this pattern towards the upside, then the projection of this pattern could easily go beyond the resistance zone. The pair is trading above the 50day (shown in yellow) and the 100 day (shown in red) moving average which means that the uptrend is intact.

However, the RSI and the MACD indicators are trading in line with the price action which means that the price may ontinue its correction if it stays below the above two moving averages.

 

Important Zones

USDJPY 03-03-2015

 

Support Zone

118.75-118.65

Resistance Zone

120.45-120.33



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