Chart of the Day: USD/JPY

Chart of the Day: Spot USD/JPY (07/07/2020) |

Most financial markets are trading within ranges perhaps due to the summer doldrums or market uncertainty. This is especially evident when we overlay moving averages on the charts and for the most part, they do not have a upward or downward sloping vector but rather fairly flat indicating a lack of trend. USDJPY seems to have some bullish potential particularly as price has closed above the swing high made on the 16/06/2020 at 107.637 which could indicate a shift in sentiment bias. On the daily time frame price has also created two minor bull flags which has resulted in price moving from a low of 106.072 on 23/06/2020 to a high of 108.162 on 01/07/2020. What is important to note is that the advance was limited due to the 200 Exponential moving average that is currently at 108.055 as well as the 108.00 psychological level. There is a bigger bull flag pattern in the making which provides the possibility of seeing price achieve the 109.020 and 109.70 levels. The challenge however, is whether price can close above the 200 simple and exponential averages at 108.36 and 108.055 respectively.

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