JFD_Research
Long

USDJPY - 240 - Could we get a pop?

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
Yesterday we saw a small decline in the USD/JPY and it made a move to test from above the downwards moving trendline taken from 8th of January, which was recently broken. Today, we are seeing a good bounce from that line to the upside, which is bringing short-term strength back on the table.

Looking at the 4h chart, we can see that USD/JPY is very close to its key level of resistance, at around 107. A strong push above it could lead the pair towards the 108 mark. Looking at our oscillators, the RSI is above 50 and pointing upwards, which is a bullish sign for the pair. The MACD indicator is above 0 and it seems that it is trying to pick up pace again for a move up.

On the downside, a move back below the downwards moving trendline , could take the pair back down to 105.550, where a break could open the path towards the round number of 105.

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