The pair managed to close above the descending trend line and the top of the triangle. The pair has support at 139.50, 139.10 (50Wsma) and 138.15 (20Wsma). The pair has strong resistance at 140.90, 141.20 and 141.90 levels. The pair today gave a strong opening and opened above the previous week's close. The weekly RSI and Stochastics are indicating a bullish sign. In the early Pacific session, the pair made a low at 139.75 and held the support at 200DSma. The upper end of the triangle, providing enough support to the pair. The main concern part is the daily Stochastics indicating a negative divergence. A daily close below the upper end of the triangle rises bearish thoughts again on a weekly basis. The Thursday and Friday closing patterns indicate the nearest top is placed at 140.46, safe fresh buying only for a target at 141.80.
Support 139.10, 138.45, 138.15.
For an intraday view, the prices are trading above 12ema and 34hrsma. The pair has resistance at 140.25 35DEMA, above this, 140.33, 140.45, 140.65 and 141 are possible. Strong up move will be triggered only above 141 levels. The pair looks weak only below 139.35 (35hrsma), sellers can look for a downside target at 139.18, 138.46 levels. In the h4 chart, RSI and Stochastics are indicating a buy signal at the current market price.
Sell only below 139.35, risky traders can sell at cmp.
NOTE- If the USD index breaks above 85, JPY will continue to weaken. Please keep an eye on USD.
The material has been provided by InstaForex Company - www.instaforex.com
