USDJPY Daily

13 באפר׳ 2019

A lot of Dollar based pairs are reaching critical points in price action. This pair is faced with a confluence of resistance. The 112.1xx level has been holding as horizontal resistance. Price has also reached the center point of the channel that it has been moving up in. If price breaks into the higher part of the channel this would increase the probability of bullish price action. However, it is worth noting that historical volatility is at an all-time low, and RSI is more overbought than it is oversold. Last time volatility was this low; price moved 850 pips over 20 days. It will be interesting to see if there will be a short correction, or if bullish moment continues.