USD/JPY-Pair Is Floating Between The Ascending Triangle

November 28, 2018

 

By analyzing the daily technical chart we can see that pair is bouncing from the short term uptrend line and recently it received bounce from the 112.30 level and heading towards north side. Well the pair is floating between ascending triangle which is generating bullish signal for the time being, however we will receive further strong signal above 114.50 level in the short term.A valid breakout above 114.50 level will open the way towards the 116 level.

 

Pair is making higher highs and higher lows and marked a high of 113.78 level and presently pair is trading above all major and minor EMA lines. A bullish crossover on the MACD indicator is generating bullish signal and RSI is also favoring the bulls for the time being. The main eyes will be on G-20 meeting and FOMC minutes which will give the new direction in the pair.

 

A bullish marabuzo candlestick followed by the another small bullish marabuzo have the created the chances of third bullish marabuzo , if it occures then the three white soldier pattern will formed. The way bulls are dominating the bears it seems like they are approaching the 114.50 level initially and then 115.00 level  in near term. The odds are in favor of bulls and intraday bias remains bullish on the pair. The 113.00 is immediate support level followed by 112.00 level whereas 114.50 level is immediate resistance level followed by 115.50.

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