TECHNICAL ANALYSIS USD/JPY 26/03/14

TECHNICAL ANALYSIS USD/JPY

1 Hour Intraday Trading

USDJPY after the rally that pushed the price to the 102.67 on 19^th of March is trading sideways trying to find the right momentum in order to break above or below the yellow channel. It is clear that this rally formatted an uptrend line which now is being tested once more. MACD is floating the last 24 hours at 0 line and MA 50 managed yesterday to keep the price below. Next move is very close as price consolidated for a long period and is expected to happen not later than the end of the yellow channel.

SCENARIOS

As long as price stays above the S1 level we expect an upward move up to R2 where price finds resistance and retrace back for a small correction before it moves for higher levels such as R3 and R4

On the other hand a break below the S1 support level will alert a downward move and most probably price will move towards the S2 to test it.

INDICATOR ANALYSIS USD/JPY

Source:  http://www.vistabrokers.com/