OANDA:USDJPY   U.S. Dollar / Japanese Yen

The counter USDJPY forms an ascending channel on 05th February. Since the price is maintaining in the channel and it is still moving upwards. The previous entry of the counter was at the bottom line of the channel at the price of 104. 40 . The formation of the ascending channel indicates the buying mode of the market. The bullish trend may continue further. The MACD indicator curves give additional support to the description. Only if the counter’s price breaks the bottom line of the channel then there may be a chance of trend reversal.

The major levels for this counter are

R2 –105.41
R1 –105.17
PP –104.94
S1 –104.70
S2 –104.46