Mar 10 2018

USDJPY – Technical Commentry

USDJPY:-  Dollar against Yen stopped its losses after reaching the oversold territory and started recovering from the bottom marked at 105.23 on 2nd March 2018. On the daily frequency chart there is a formation of dual candlestick price reversal pattern “Piercing Pattern”, in which the 2nd candle had opened with a lower gap of 5 pips at 105.68(1st candle close was 105.73), and closed by penetrating more than 50% real body of the 1st candle. Momentum indicators – 14-day Relative strength index and MACD both are showing positive bullish divergences, as the indicators have higher lows while the price action had marked lower lows.


Conclusion: – The pair can test 108.00-108.50 levels in short span of time.