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USD/JPY is trading in the green at 104.30 at the time of writing and is almost to hit the 104.39 former high. Breaking above this obstacle could attract more buyers. Technically, the pair has escaped from a major Falling Wedge pattern signaling an up reversal.
USD has taken full control again versus its rivals after the FOMC meeting. The FED has left its monetary policy unchanged in the first 2021 meeting as expected. Also, the Durable Goods Orders and Core Durable Goods Orders have reported better than expected data yesterday lifting the Dollar.
USD/JPY could continue higher if the US Advance GDP, Advance GDP Price Index, Unemployment Claims, and the CB Leading Index will come in line with expectations later today.
USD/JPY has finally escaped from the major Falling Wedge pattern. The aggressive breakout through the downtrend line indicates a bullish reversal. The upside breakout was imminent as the price has stayed near the downtrend line.
It has ignored the R1 (104.08) static resistance and now it approaches 104.39 and R2 (104.46) levels. Closing above these upside obstacles could represent a great long opportunity. A new higher high should attract more buyers which will definitely bring more bullish energy.
A new higher high, bullish closure above 104.39 and beyond the R2 (104.46), offers us a good buying opportunity. The R5 (105.60) and the median line (ML) of the red ascending pitchfork are seen as upside targets.
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