USD/JPY: Upward Momentum Is Strong
AvaTrade | Jan 23, 2015 04:15AM ET
The USD/JPY has broken it’s down channel on a 4-hour time frame. The pair is still trading above its upwards trend line, which means that bias remains toward the upside. The price has also formed a double a top however the momentum indicators are not showing any weakness for the price.
The MACD and the RSI indicators are trading in line with the price action which means that while the price is making the higher high, the Indicators are confirming the momentum.
Important zones
113.70- 114.70 support
121.68-120.85 Resistance
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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