FXTM
Long

USDJPY is surging to higher levels

OANDA:USDJPY   U.S. Dollar / Japanese Yen
The USDJPY currency pair on the 4 Hours Chart has been in an uptrend since 13 May 2019 when it registered the low price at 109.020. Subsequently, the price displayed a series of higher tops and higher bottoms. On 20 May 2019, the USDJPY currency pair recorded the high price of 110.320. Applying Oscillator Analysis on the price chart, one can notice that price is trading above the SMA 60 period Moving Average line, a fact that confirms the upward direction of USDJPY currency pair. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument. Additionally, the RSI ( Relative Strength Index ) Oscillator registers values above the fifty line which indicates positive sentiment. All three technical indicators are in agreement for the upward bias of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 110.369 (161.8%). The second price target is seen at 110.909 (261.8%). The third price target is projected at 111.782 (423.6%). The USDJPY currency pair is currently trading above the uptrend line. The presence of the Bearish Shooting Star pattern hints for a potential rally to the downside. Of course, supply and demand as well as the crowd sentiment will determine the course of USDJPY currency pair. Although the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bullish .
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