Overview : pair is maintaining its positive tone the market is showing its strong bullish side, the 4 hours chart showing the pair is still trading between all the major and minor moving averages. The USD/JPY probes intraday high near 106 level above 3 week’s fresh high and it trims the previous day losses. The way bulls are reacting its seems like bulls are not going to stop in early stage.
Technical Analysis: from the technical perspective , we can see that the pair trading and moving above all the EMA lines and leading in the north side . The major support levels are 105.40 ,105.00 ,104.60 whereas the major Resistance levels are 105.80 ,106.25, 106.60.. An uptrend line is also lying and suggesting us to keep the bullish view and suggest us to buy from the dips.
On 4 hourly chart we can see that recently pair has given us bullish breakout of previous swing’s high which is favoring the bull and we will keep our view bullish on the pair as long as 105 level remains intact. Odds are in favor of bulls.
RSI: the indicator is showing its level above 50 level which is favoring the bulls. MACD: the indicator is showing a bullish crossover of the zero line .
Trade idea : based on the charts and from the above statements we suggest our investors to buy at 105.90 target is 106.50 and 107 sl is 105
