Trade77; USDJPY Hourly Trendline 7am

Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

After breaking the upper bond of the daily triangle I mentioned two weeks ago now price is moving beyond 83.00 level.
As you can see in the chart below we have got an hourly trendline which has held the price nicely:

Blue moving average is 50EMA applied to low and it shows that price has got a rhythm with it in the hourly timeframe.

84.30-84.50 is a great resistant level which I expect price will reach it soon. Break above this level would be a great signal of going long and upside pressure will continue with more strength.

Here you can see that daily triangle and now there is a possibility that price corrected itself a little bit and reached that broken trendline:

I mentioned a H4 channel in USD Index chart and price exactly bounced off the beneath as you can see below:

We took a short on EURUSD at 1.3575 based on this channel in USDX and also because of previous support on EURUSD that is going to act as a resistant now.

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Kindest Regards

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