The USDJPY has broken below the key 100 level as visible in this D1 chart. This currency pair has remained in a rectangular chart pattern and is currently trading at its horizontal support level which is enforced by its flat 50 DMA. We expect the USDJPY to stabilize near current levels and stage a rally which should take it back to its horizontal resistance level. MACD has stabilized, but just completed a bearish centerline crossover which could be reversed shortly as the histogram gaped away from its moving average which remains...
The USDJPY completed a major reversal trade on Thursday of last week. Today we witnessed a snap higher as visible in the H4 chart. Currently there are bullish as well as bearish forces acting on this currency pair which partially explains the increased volatility. This currency pair has formed a strong resistance zone above the 102 level which is also being enforced by its declining 50 DMA. The last two H4 candlesticks have formed a spinning top as well as a hammer formation at resistance which confirms overall bearishness. MACD...
