- USDJPY rises above downtrend line
- MACD stands well above its trigger line
- 20- and 50-period SMAs post bullish cross
USDJPY advanced considerably in the previous 4-hour session, surpassing the 146.50 barricade.
Also, the 20- and 50-period simple moving averages (SMAs) posted a bullish crossover, and the technical oscillators are holding well above their mid-levels. The MACD oscillator currently stands above its trigger and zero lines, strengthening its positive momentum, while the RSI is flattening near the 70 level.
Immediate resistance could come from the 147.30 mark before rallying towards the 200-period SMA at 149.00. Slightly higher, the previous peak at 149.40 may halt upside actions.
On the other hand, a tumble beneath the 145.55 support could meet the bullish cross of the SMAs around 145.00 before battling with 144.20 and 143.40.
All in all, USDJPY has been in a bullish mode after the penetration of the short-term descending trend line to the upside on Friday.
Source by: XM Global