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.
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