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- USDJPY has tested support at channel baseline, ever since then the minor price trend has been spiking through rising channel and bulls are now attempting to break-out above 21-DMA levels on Tuesday's trade session as markets eyes on BoJ monetary policy tormentor.
- Well, the pair is currently extending its gains on bullish sentiments, we see stiff resistance at 112.6980 (i.e. 21DMAs) and at 112.895 levels, more rallies likely on break-out above these major upside barrier as both leading oscillators indicate bullish momentum while articulating. But on the flip side, bears resume exactly at channel resistance and nudge prices below 21DMAs several times in the recent past, (on daily charts).
- On major trend, bulls seem to be exhausted at 61.8% Fibonacci levels from the lows of June 2016, (refer monthly plotting), the trend on this timeframe, is stuck in tight range.
- On the flipside, the major trend has been in consolidation phase, more rallies likely upto 61.8% fibos on bullish momentum, trend indicators indecisive, we see bullish invalidation on retrace below.
Trade tips: Contemplating above technical rationale, it is wise to bid ATM options with boundary strikes at 112.895 and at 112.521 levels asduring the overnight session, the Bank of Japan will meet and Chinese PMIs are due. It is not expected any new policy signals from the BoJ. We look for how close the Chinese PMI will be on the 50 thresholds.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 65 (which is bullish), while Hourly JPY Spot Index was at -66 (bearish) at 06:22 GMT.
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
