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We perceive the near term uptrend for USD/JPY remains to be intact as the two solid engulfing bull candles occurred at around 120- 121.5 range both on daily & weekly graphs exactly at the narrowed Bollinger band. The same pattern has happened a couple of weeks ago. So the history is likely to repeat (the basic assumptions of technicals)..!
These two bullish engulfing patterns are signaling the healthy bull rallies in the next weeks to come.
To substantiate this view oscillating indicators RSI (14) converging to the price curve at 71.3045 levels.
While slow stochastic with %K line at 93.3074 & %D line at 91.2431 suggests no traces of recovery for Yen in near term.
Well we suppose, all eyes on fed's rate policy in conjunction with these technical perspectives may also boost the rallies massively.
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USD/JPY bottomed out Bollinger band; Uptrend remains intact
Tuesday, June 2, 2015 8:37 AM UTC
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