Technical Analysis
USD/JPY
Technical Analysis of USD/JPY based on Daily Chart & Weekly Chart
Ali Abbbas
Daily Chart
Current level is 109.28
First support is 108.8925 (8 Day moving Average)
Second support level is 108.6517 (18 Day Moving Average)
Resistance is 109.9794 (Bollinger Band)
RSI – 72.6149- Overbought
MACD – Slight convergence indicating the bullish trend will continue for some time before dipping down.
Weekly Chart
Current level is 109.28
First Support is 109.2018 (Bollinger Band)
Second support is 107.2238 (8 Day Moving Average)
RSI –70.7137 – Overbought
MACD – Wide divergence with lines moving upwards and lines parallel indicating a long term bullish trend.
Conclusion
In the short run as well as long term, USD/JPY is bullish and looking at the long term MACD line it can be concluded that this trend will continue for a long time before changing its direction
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Disclaimer : All information in this report is collected from various sites on internet. Although we have taken all precautions for correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed is authors own views. We are not responsible for any losses on account of following the same.
