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USD/JPY Targets the 84.50 Level

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The USD/JPY pair has been range-trading for the past ten weeks, shifting between the 81.00 and the 84.50 levels. The pair recently reached a significant support level yet failed to cross it. As a result, the USD/JPY began climbing upwards, and still looks to reach higher. As several technical indicators show, the pair has potential to reach as high as the 84.50 level.

• The chart below is the USD/JPY 1-day chart by ForexYard.

• It is clearly seen that the pair's trading was mainly characterized by ups and downs lately, without marking any real trend.

• The pair saw several failed attempts to breach through the 81.50 support level . As a result, it bounced back up and is currently trading near the 82.50 level.

• A bullish cross on the Slow Stochastic indicates that the bullish momentum has more room to go.

• The RSI has recently crossed the 30-level and is still pointing upwards. This indicates that the bullish move could proceed.

• In addition, the MACD looks to complete a bullish cross soon. If the bullish cross will indeed takes place, it could be used as further evidence that the upward movement will continue.

• The pair's next resistance levels are located at the: 82.85, 83.50, 84.00 and the 84.50 level.

• The pair's next support levels are at: 82.30, 81.50 and 80.90.

USD JPY

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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