USDJPY
From a technical perspective, the daily chart for USD/JPY gives some idea as to the lull we have been witnessing on the pair of late. We have been trading sideways for the last trading days but have just tapped the lower end of the ascending wedge pattern in play. Price is currently being supported by the 50-day MA and the 100-day MA which rests at around the 133.00 handle.
A break and daily candle close below the wedge patter opens up support levels around the 132.00 and 130.700 areas respectively. Of course, bears will have to navigate their way past initial barriers of support provided by the 50 and 100-day MAs. Bullish structure remains intact without a daily candle close below the 132.50 mark.
From a technical perspective, the daily chart for USD/JPY gives some idea as to the lull we have been witnessing on the pair of late. We have been trading sideways for the last trading days but have just tapped the lower end of the ascending wedge pattern in play. Price is currently being supported by the 50-day MA and the 100-day MA which rests at around the 133.00 handle.
A break and daily candle close below the wedge patter opens up support levels around the 132.00 and 130.700 areas respectively. Of course, bears will have to navigate their way past initial barriers of support provided by the 50 and 100-day MAs. Bullish structure remains intact without a daily candle close below the 132.50 mark.