USDJPY momentum building up

May 16, 2016

By Admiral Markets

The USDJPY pair has been consolidating in the uptrend that started from 106.50. At this point the price is ranging (also confirmed by MACD) but the bullish momentum is building up. POC is within 108.60-75 zone ( ascending trend line, inner trend line break, 61.8, EMA 89, DPP, H3 ). The zone is showing a lot of confluence and the bullish momentum could spike the price up to 109.20 and 109.65 subsequently. Additionally we can spot now moment buyers (blue rectangle) who have shown exactly at the POC.

Have in mind that volatility has faded today due to major banks being on a holiday (Whit Monday) so we might see some additional momentum during NY session.

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Article by Admiral Markets

Source: USDJPY momentum building up

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