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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Usd recovering against the board

The dollar has been regaining some strength since friday noon. Usdjpy has recovered 100 pips from 107.30¥ ...the pair might face some tough resistance at current area, however i think we might be heading towards 110.80¥ soon. Resistance area can be found at 108.40 followed by very tough resistance at 108.80¥. If broken , we will have clear way to break the medium term downtrend andstart building new bullish trend targeting a break above 115¥ in the medium term. I am on the side of that reversal scenario unless we see a decisive break below 106¥ on daily or weekly close.

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