Forex Video Briefing (10/24) – USD/JPY Eyes the 110 Highs

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[videojs mp4=”http://s3.amazonaws.com/fxcom-amazon-s3/2014/10/USDJPYisBullish1.mp4″]
Forex Video Briefing (10/24) – USD/JPY Eyes the 110 Highs

The 4H USD/JPY chart shows price extending higher this week after an initial bearish attempt that respected last wee’s price bottom. Then, price pushed above the 200-, 100-, and 50-period SMAs, which shows bullish bias. Furthermore, the 4H RSI tagged 70 showing bullish momentum.

It is stalling a bit at the end of the week, but a break above 108.35 would continue the bullish outlook with the 110-110.08 high in sight, and with further upside risk because the prevailing uptrend from at least June-July is still intact. The daily chart shows price holding above the 50-day SMA, and the daily RSI holding above 40. This shows maintenance of bullish bias and momentum.

It would take a strong dip below 107 to start the next week in order to shelve this bullish outlook. Otherwise, price is poised to test that 2014-high again in the coming week or 2.

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Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers. He also holds the position of Binary Options Consultant at ForexMinute.com. Before ForexMinute.com was around, Jonathan was a successful Forex dealer and chief market analyst at Forexyard. He has also worked as a Forex trader. His other specialties include advising financial companies of how to stay head of the competition.