General overview: After the gaining bearish strength in the market. The pair is now losing it strength towards the bearish market and now headed towards the buy side in the market. The pair keeps it movement towards the buy side in the market. The market is now getting the pullback from the upside direction in the market and we can expect rise in the market. The pair is now towards the north direction in the market and create the buy move in the market .The market create the sudden of buy movement in the market and stand for its bullish position in the market. the pair is now neutral in the near term and expectations in towards more with the bullish move. The USD/JPY pair recovered from an intraday low of 108.44 to as high as 108.95, ending the day with modest gains around 108.70.
Technical analysis: From the technical point of view we can say that, market makes the upward movement in the chart. The pair is creates the bullish path in the market, and also getting support from the downside pressure to rise. The potential rise in the market has been and keeps its movement towards the higher side in the market. The pair formed the buy signals in the market. Odds are in favors of the market and create the buy pressure in the market. The major and minor lines are above the pair trading pair and trade above the major resistance level, we can see golden crossover in the market, and create the bullish confirmation. The RSI is also above 70 level as well as MACD is also above the zero level creating confirmation for the buy signals. As the resistance will be 109.50 followed by 110.00 and support will be 108.50 followed by 108.00.
Trade idea: Our traders will sit on the buy side at level 108.98 target will be 109.40 – 110.00 and stop los will be 108.40.
