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10.08.201507:53 Forex Analysis & Reviews: Technical analysis of USD/JPY for August 10, 2015

Long-term review

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USD/JPY: Today at the Asian session the Japan current account data hits the wires. Japan's current account is 13003 billion yen, expected 14009 billion yen the previous value was 16363 billion yen.

Technical view: The 20Dsma is found at 124.00 and 50Dsma is set at 123.60. Today, the pair opened on a bullish note, opened lower. At the four-hour chart, the pair managed to made a triple bottom at 124.13. The pair managed to breach the long consolidating trading range between 124.50 and 122.48 levels with higher lows and higher highs. These factors, representing the core bullish pattern, are developing to breach the earlier high of 125.86 touched on June 05.

Intraday support is found at 124.00 and 123.60 resistance seems at 124.40 and 124.60. The trading pattern is framed between 125.10 and 124.00. The selling is likely to open below 124.00 towards 123.60/123.50. The real selling emerges only below 123.40 towards 123.00.

Buying is available above 124.65 with a target at 125.00. The buying momentum is likely to be strengthened above 125.10 towards 125.60 and 126.00.

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