Forex Market Analysis and Trading Tips 12th August 2016
The USDJPY pair bounced slightly during the course of the day on Thursday, using the 101.70 level as support. At this point in time, the market is looking bullish. The primary trend of USDJPY is bullish on charts and price is trading below its Resistance trend line in its 1 hourly chart. In its daily chart the price is sustaining above 200 day SMA that are appears on the above image indicating uptrend of the pair. It is having an important resistance at the level of 102.20 Support at the level of 101.70. If it breaks its resistance level on the upside and sustains above it then we can expect it to show further bullish movement in the pair.
MACD is sustaining in its positive territory indicating the bullish trend in the pair.
RSI is sustaining in its buying zone indicating the upcoming positive trend in the pair.
USDJPY is looking bullish on charts for next few trading session. One can go for buy on lower level strategy for this pair for intra day to mid term positions in it.