The pair has been capable of achieving a positive daily closing above SMA 20-colored in green- as seen on the provided graph. This closing is the first positive one above SMA 20 since the 4th of August which may be a good technical catalyst that will push the pair higher in an attempt to touch SMA 50-colored in red and valued at 78.65-. RSI 14 has touched the value of 50 and that was the reason behind the mild retrace started at 77.70 areas, but we still see that, bulls will dominate the situation over intraday basis, supported by our previous proposed Elliott count, discussed in Eye On USD/JPY report.
The trading range for today is among key support at 75.80 and key resistance now at 79.55.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
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Eye On USD/JPY
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 77.00 targeting 79.50 and stop loss below 75.80 might be appropriate.|