USDJPY is now trading in its first day above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 108.28 whereas it has started it rebound on last Jan. 26.
The downside momentum on USDJPY eased down but it is still undermined by trading well below its daily SMA50, its daily SMA100 and also its daily SMA200 USDJPY is in need now to have a bullish sign by overcome 109.76 lower high which stopped it last Jan. 26 and the failure can keep it exposed to forming a lower high to resume this descending channel.
USDJPY daily RSI-14 is referring now to higher existence inside its neutral territory reading 38.559, after rebounding inside its oversold area below 30.
USDJPY daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside its neutral region at 52.717 leading to the upside its signal line which is lower in the same region at 34.451, after convergence by bottoming out at 108.28.
Important levels: Daily SMA50 @ 111.75, Daily SMA100 @ 112.25 and Daily SMA200 @ 110.70
S&R:
S3: 108.28
S2: 108.31
S3: 106.02
R1: 109.76
R2: 111.50
R3: 113.74
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din