USDJPY Price Action, Pressure on UPside
The pair is currently trading within an ascending channel and trading almost near towards the upper (long-term bearish) trend line.
Pair grew after significant fall since beginning of the week. US dollar strengthen supported by number of jobless claims. But we have witnessed the pressure on the upside for dollar to continue grow towards the expected level of 104.20 (23.6% fib)
Keep close watch at the level of 104.00 , price breakout above this level could possibly see its extension towards 107.45.
However, from the technical indicators we can see that the BB on hourly chart is moving up while price range narrowing. MACD in its positive zone but is falling and keeping a weak sell signal. Indicators suggest wait for clearer signal.
Pair grew after significant fall since beginning of the week. US dollar strengthen supported by number of jobless claims. But we have witnessed the pressure on the upside for dollar to continue grow towards the expected level of 104.20 (23.6% fib)
Keep close watch at the level of 104.00 , price breakout above this level could possibly see its extension towards 107.45.
However, from the technical indicators we can see that the BB on hourly chart is moving up while price range narrowing. MACD in its positive zone but is falling and keeping a weak sell signal. Indicators suggest wait for clearer signal.
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