USDJPY attempts to gather positive momentum – Technical Analysis – 16-11-2015

The USDJPY continued the correctional decline amid trading inside a short term descending channel, supported positively by the moving average 50, which explains the reason of the recent decline, attempting to gather positive momentum to assist the price to keep the main bullish trend, noticing that the relative strength indexes area reaching clear oversold areas.

Therefore, we expect the pair to rise as long as it moves inside the mentioned channel, getting more confirmation when breaching 123.55 resistance level and closing above it, to target 125.25 resistance level directly.