The USD/JPY pair has bounced from its support on a 30 minute time frame. This support zone was given in our analysis on May 24. The price is trading well above the 50 day (shown in green) and the 100 day (shown in yellow) moving averages, which suggest that strong bias is towards the upside. However, the price action is approaching near its minor resistance zone (indicated below) which could bring a brief pause in this upward move.
The volatility for the pair remains low, as the pair is trading within the Bollinger Band ® . The RSI is trading in line with the price action, which means bias could be to the upside. However, caution should be applied as the price is in an overbought RSI territory.
USD/JPY M30" title="USD/JPY M30" width="1448" height="743">
Important Levels
Resistance Zone
102.58-102.36 Minor
103.19-102.97 Major
103.97-103.70 Major
Support Zone
100.65-100.46 Minor
99.32-99.12 Major
98.08-97.91 Major
DISCLOSURE & DISCLAIMER:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam