Cabana Capitals Blog Forex Broker USD/JPY: Bulls are rising up and heading north side aggressively.

USD/JPY: Bulls are rising up and heading north side aggressively.

USD/JPY:  Bulls are rising up and heading north side aggressively. post thumbnail image

General overview: The pair hits the higher highs in the market. The USD/JPY is trading on the bid to score the fresh highs in the market. The pair trading towards the higher side in the market. The dollar performance is going towards the north direction in the chart. The dollar established overnight strength in the market. The pair makes the positive momentum in the chart and creates a positive move in the market. Japan will publish Tokyo inflation, industrial production, and consumer confidence figures. Wall Street’s recovery provided little support to the pair, as weighed on the dollar.USD/JPY is poised to extend its advance towards the 105.00 price zone.

The USDJPY hit a fresh January high of 104.45 but was unable to extend gains on easing demand for the greenback. The pair heads into the Asian opening trading around 104.20, holding on to modest intraday gains. The market-creating positive volatility in the market.

Technical overview: From the technical point of view we can say that market will sit towards the buy-side market. The USD/JPY pair retains a positive stance, In the 4-hour chart, the price holds above bullish moving averages, which are finally widening their range. The Momentum indicator heads higher near its daily highs, while the RSI holds near overbought readings. Renewed buying interest beyond the 104.40 price zone will likely favor a bullish extension towards the 105.00 area. So we suggest our buyers go for the buy in the market as the bullish signals are strongly affirmed in the market. So, it’s better to sit on the buy-side in the market. The minor EMA lines will travel above the major SMA lines as they created the buy signals in the market. The support of the level is 104.00 followed by 103.67 and resistance is 105.00 followed by 105.46.

Trade idea: we can say investor can go for buy at level 104.49 target will be 105.50-106.30 and stop loss is 103.00.


Disclaimer: This is to be considered a marketing communication only, this does not contain, and should not be construed as containing, investment advice or an investment recommendation or investment research or, a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Past performance is not a guarantee of or prediction of future performance. Cabana Capitals does not take into account your personal investment objectives or financial situation. Cabana Capitals makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of Cabana Capitals, a third party or otherwise. Consequently, any person acting on it does so entirely at their own risk. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Cabana Capitals. This communication must not be reproduced or further distributed without prior permission.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post