Eurjpy : Breaking the range

The pair "eurjpy" has been trading in range since the first of august. The range is between 112.50 and 113.90¥ .

The pair has been trending last week , and closed the first 4h above the range.

The pair has next resistance at 114.30-60 area where 200 MA "simple and exponential" lies.

Recommendation: the pair is looking constructive and there is a big chance of the pair breaking above the moving average and stabilizing heading towards 118.00 handle.

The pair has made a low of 109.80¥ this year and has been trending lower since 142 ¥ levels.

So , you will have to watch the trend line along its way to 118.40 , we have two trend lines as shown below in "orange"

The move will be probably drived by a big move in (usdjpy) after yellen indicated that the case for rate hike strengthened as the economy has been meeting federal reserve goals. Yellen also pointed on friday at jackson hole , that employment reports and prices stability has been major support for the american economy.

For updates on this trade and other trading recommendations , follow me on twitter : @boriology

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