This currency trading instrument shot skywards and rammed into the supply level at 109.00, and it has met some challenges at that supply level (in a form of pullback). However, the price is supposed to rise further from the current position, going towards other supply levels at 109.50 and 110.00.
There a Bullish Confirmation Pattern in the market, which is brought about by the recent rally. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. While there may be temporary pullbacks in the market, the overall direction is supposed to be bullish.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
This currency trading instrument shot skywards and rammed into the supply level at 109.00, and it has met some challenges at that supply level (in a form of pullback). However, the price is supposed to rise further from the current position, going towards other supply levels at 109.50 and 110.00.
There a Bullish Confirmation Pattern in the market, which is brought about by the recent rally. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. While there may be temporary pullbacks in the market, the overall direction is supposed to be bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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