USDJPY, H1, H4 & Every day

The Greenback bid continued throughout the board at present with EURUSD below 1.1300, Cable briefly below 1.2900 earlier than discovering assist and USDJPY the largest mover (zero.49%) over the important thing 110.00 zone.  The Yen has been buying and selling softer versus most different currencies, not helped by the by the absence of Tokyo markets, closed at present for a public vacation in Japan.

The USDJPY, H1 chart moved into the overbought zone (Stochastic at 89+ and RSI 74+). With the robust breach of 110.00 (R2), the rally broke R3 at 110.10 and topped at 110.276 for a brand new 2019 excessive. The H4 chart exhibits the clear breach of the 110.00 resistance zone that proved so resilient final week. Resistance now turns into Assist at 110.10-00. The each day chart exhibits subsequent Resistance at 110.40, the 50-day shifting common and the higher Bollinger band and the important thing 200-day shifting common and psychological 111.00 zone. The pair broke the 20-day shifting common February 2 and has key assist at 108.95, the highest of the earlier consolidation zone.

Stuart Cowell

Head Market Analyst

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