USD/JPY’s EMAs Remain in Bullish Stack

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of USDJPY. Further to yesterday’s article we note that the EMAs are in a bullish stack. The green 5-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA (red rectangle). The RSI(9) is above 50 and indicative of an underlying bullish momentum (blue rectangle). The EMAs are currently converging. For the currency pair to appreciate, they will need to develop more angle and separation. We continue to monitor.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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