USDJPY Daily
Are we beginning to see USDJPY Bullish Price action? This pair is moving inside a slightly ascending channel, delimited by the green trend lines shown below in the chart, and currently the price is faring at approximately the middle of the channel touching the +2 Bollinger Band, indicating a bullish bias, after a corrective phase that took place from the 4thtill the 15thof October.
Last Week
Last week the price moved up and away from the support levels created during last month’s second half, after the pair tested the lower channel trendline and bounced off of it (Oct, 26), shifting also its MACD phase from bearish to bullish (see the lower graph on the chart below).
Current Outlook
The price is moving in the vicinity of the +2 BB, making new daily highs. Then, its MACD lines are spreading apart and up, although, currently, these lines are close to the zero line. That means there is no oversold condition whatsoever. Also, the mid-Bollinger line is turning slightly up. Therefore, based on these clues, we expect the bullish movement to continue and test at least the 114.500 level, unless some fundamental news shatters this view.
A Caution
Tomorrow morning and late in the evening will we will await Japan-related economic events, including BoJ Funo speech (Wednesday, 01:30 a.m.) and BoJ summary of Opinions and Current Account SEP (Wednesday 11:50 p.m.), so a bit of caution is advisable on your overnight positions, and, also, those potential trades that are flashing a “go” near the time these events show off.
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