USDJPY TECHNICAL OVERVIEW

FOREX CALL: BUY USDJPY ABOVE 137.50 TARGET 138 STOPLOSS 137

USDJPY has formed CUP AND HANDLE PATTERN on daily chart. It will break strong resistance level 138 in next week. BOLLING BAND is showing bullish signal. Its primary trend and secondry trend is up. It can go upto 139 in next week. The U.S. dollar pushed higher in early European trade Friday ahead of Federal Reserve Chair Jerome Powell’s eagerly-awaited speech at the central bank’s Jackson Hole gathering, which could provide more clues on future policy tightening the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher to 108.623, just below its highest level in two decades and on track for a 0.4% weekly gain. Traders will focus on Powell’s speech, for any insight into how aggressively the Fed still plans to raise interest rates in order to curb inflation running at 40-year highs. A series of Fed policymakers have in recent weeks been keen to emphasize the importance of the U.S. central bank getting inflation under control. USDJPY can go upto 139 in next week.