USD/JPY-Ascending triangle bullish breakout on the cards

July 2 , 2018

 

By looking at the daily technical chart we can see that pair is making successively higher lows but unable to make higher highs at it is getting supply pressure from the horizontal line and result is an ascending triangle has been formed on the daily technical chart, even a bullish breakout is on the cards as a bullish marabuzo with full of bullish sentiments is trying to breach this resistance line.

 

By applying the fibonacci retracement line we can see that pair has retraced almost 38.2% level and from here we are expecting it will bounce back towards north side and will break the recent swing’s high which is at 111.20 level. Presently pair is trading above the Exponential moving average and generating bullish signal.  From technical prospective we can that if we see the valid breakout of 111.05 level then it will open the way towards the 112.50 level and bulls will become more aggressive.

 

 

 

 

The recent candle is bullish marabuzo candlestick pattern which indicates that pair will move up. The way bears are reacting it seems like they are approaching the 107.50 level in short term.however, some correction can’t not be ruled out but that should be taken as buying opporutnity.

 

 

The situation is favourable for bulls from other indicators and oscillators point of view. Odds are in favor of bulls and intraday bias remains bullish on the pair as long as 109.40 level remains intact.

 

 

A bullish crossover on MACD indicator is supporting the bulls and RSI is also travelling above 50 level which is favoring the bulls from positive territory. The 109.50 is immediate support level followed by 108.00 level whereas 112.50 level is immediate resistance level followed by 113.50.

 

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