General overview: USD/JPY has again makes the strong recovery in the market, pair breaks the level 109.00 and set strong buy side for the traders, we can see yesterday also that pair is making the buy momentum in the market. The pair is now towards positive volatility in market and now headed towards level 111.00 in the market. The pair keeps it movement towards buying in the market. The pair is continue to move further towards the upside pair and create the strong buy side in the market. Buyers are creating major demand pressure in the economy as the buying zone has shown its modest power right now. According to the technical overview pair set the strong side towards the bullish side over the market.
Technical analysis: From the technical point of view we can say that, market makes the upside movement in the chart. The pair is creates the bullish path in the market, and also getting support from the downside forces for an upside rally. The pair is forming positive volatility in the market. On the hourly charts market shows breakout at level 108.84 levels as the kind of downtrend previously formed in the market. The major lines show its golden crossover in the chart as it gives strong confirmation for rise. The RSI is also falling above 50 levels also MACD is also rising below the zero line creating the selling signals. The positional traders can take move towards the buy side in the market. The support level will be 109.50 followed by 109.00 as resistance will be 110.50 followed by 111.00
Trade idea: Our traders will sit on buy side at level 110.00 targets will be 110.60 – 111.00 and stop los will be 109.60.
