Forex: USD/JPY – Bullish set-ups in evidence

on Aug 2, 2013
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_iNVEZZ.com Friday August 2nd_: Since the beginning of this week the USD/JPY had been trading sideways, with the daily candles closing near their opening levels until yesterday, when the pair added 1.58 percent to close at 99.41 – slightly above the flat 89-day simple moving average, currently at 99.35. The price movement actually crossed above the 89- and 200-period simple moving averages on the 1H, 4H and daily scales. The widening wedge pattern was broken to the upside, giving power to the bulls.

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Today the pair reached a so far intraday low at 99.26 during the Asian session and has since been in ascent, with the ongoing intraday high of 99.74 reached in the last hour of Asian trading. Currently the price is staying around 99.61.

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The pair is now less than 30 pips away from the upper line of the falling channel within which the price action has been drawing candles since 8 July. The channel may also be considered as a flag pattern, which in the case of an uptrend (the last having been 93.77 to 101.52) must act as a continuation figure.

If the channel is broken to the upside the pair will initially target the 101.52 top from 7 July and then seek to expand the whole uptrend from 77.42 to 103.73.
!fm[](/uploads/story/4530/usdjpydaily_0208_1225h.png)

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