The price of the instrument is currently nearing a key resistance point at the 137.744 level showing signs of a break of the previous downtrend on the 1-hour chart. It is important to note that if the price moves above this level this could be a strong indication of a long bias. More Conservative traders may want to wait until the price moves above the 200 day moving average. If the chart is showing bullish
signs a stop-loss at the 137.340 level would be advised or even at the 37.000 level where a strong consolidation period could show signs of an uptrend.
A move back to the support level
137.716 is likely if the uptrend is to continue, but with the upcoming economic events for JPY the price of the instrument could push higher in a short amount of time. Key events include the foreign investment in japans stock and Govenor Kurodas Speech.
Take profit levels have been shown.
Caution is advised.