We are in bullish mode on USDJPY currency pair
Here is the illustrations and snapshots for USDJPY Forecast and technical analysis May 5 2014
USDJPY Forecast and technical analysis May 5 2014
On monthly chart we can see that USDJPY currency pair still holding its monthly trend line support, the green line on the chart. So still its on bullish mode. Current range situation may be a temporary holdings of long term usdjpy long trend. It might gather its power and can shoot up wards any time. On the other hand its still holding the crtical 101.00 support level.
On weekly chart we can clearly see that USDJPY currency pair clearly established the 101.00 support level. Current ranging situation can break any time and we are favoring a strong upward move.
On daily chart we can see a ranging situation but still bullish trend is our favorite.
On h4 chart we can see an entry point market is just above the green monthly trend support line.
Though USDJPY is ranging for last couple of weeks but still we are favoring a bullish trend for usdjpy currency pair. A couple of good USD news might give a very big upward movement for this currency pair.