Finally, the pair started to attack SMA 20-colored in green- as we anticipated since the opening of the week. The positive divergence started to be activated as RSI 14 becomes valued at 44.00 zones. Once we witness a four hour closing above 77.20 areas, the bullishness may accelerate. Generally, we keep our bullish predictions intact over intraday basis, supported by our suggested Elliott count, discussed in Eye On USD/JPY report and we recommend reviewing it for more details about the importance of 77.20 areas.
The trading range for today is among key support at 75.80 and key resistance now at 78.45.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair above 77.20 targeting 79.55 and stop loss below 75.80 might be appropriate.|