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TECHNICAL ANALYSIS USD/JPY

1 Hour Intraday Trading

USDJPY  yesterday  managed to break above the T2 trend line and at this moment is testing the T1 trend line which is our primary trend. From Monday until now we can see from the graph that Long holders have the control and drive the pair to an upward rally. We expect a reaction from short holders in the next few hours. Price is trading above the 50 MA and MACD also confirms the bullish momentum.

If price manage to stay below the T1 trend line the next few hours then probably we will see a correction of the primary trend (T1) and price will probably try to test the 50MA or the S1 support level

On the other hand if price break above the T1 trend line, then most probably we will see a move and a touch of the R1 level .

INDICATOR ANALYSIS USD/JPY

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