Cabana Capitals Blog Market Insights USDJPY: Bulls are looking for further upside momentum.

USDJPY: Bulls are looking for further upside momentum.

USDJPY:  Bulls are looking for further upside momentum. post thumbnail image

Overview: By looking at the daily chart we can see that buyers are showing their potential in the market. The market is showing upside momentum in the market. From the technical prospective, The market is previously formed shooting hammer which cause market to rise, the swings are making successively higher highs and lower lows, In the chart hourly chart bulls are showing their strong side in the market. The greenback has been benefiting from robust US data pointing to accelerating job gains and also a pickup in inflation.

Technical Analysis: From the technical view we can see that market is going in uptrend which is providing us bullish signals level bulls will get more aggressive. The pair is trading above all the major and minor EMA line which is provides us bullish signals. The odds are in favors of bulls so it’s better to keep eye on the buy side.Euro/dollar is suffering from upside momentum on the four-hour chart and has dropped below the 200 Simple Moving Average. However, the Relative Strength Index is nearing the 50.70 mark, and rising above that level would put the pair in buy territory.

Recently it has breached the strong resistance of 131.00 level which indicates that bulls will move further upside and heading to north side. Well the next approachable target of bulls is 135.00 level from positional point of view.

Trade Idea: based on the chart and above studies we would be recommending to our traders that go for buy  at 129.00 targets is 131.00, 135.00 Sl below 126.00 wait for entry.

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