Nov 27 2018

USDJPY – On its way for an either side breakout

USDJPY:-On a weekly chart pair seems hovering in a converged narrow range (112.50 to 114.50)- in which the base is shifting upward, which is indicating the strength of bulls. A major resistance zone is seen towards 114.50 mark, which if broken up – then we can see the bulls to approach 118.50 level. On the flip side if immediate support of 112.50 broken down, then one can see pair to test back 108.50. Momentum indicators have already inched up their base in bulls territory. Relative Strength Index (14 day) is above 50 mark, while MACD and Signal line both have started overlapping, above the zero-line. A either side(114.50 on higher side and 112.50 on lower side) breakout is required for judging USDJPY in which direction the pair is likely to head.