ALB Limited 07.07.2020
Chart of the Day USDJPY Bullish Potential
Most financial markets are trading within ranges perhaps due to the summer doldrums or market uncertainty. This is especially evident when we overlay moving averages on the charts and for the most part, they do not have an upward or downward-sloping vector but rather fairly flat indicating a lack of trend. USDJPY seems to have some bullish potential, particularly as the price has closed above the swing high made on 16/06/2020 at 107.637 which could indicate a shift in sentiment bias. On the daily time frame price has also created two minor bull flags which resulted in the price moving from a low of 106.072 on 23/06/2020 to a high of 108.162 on 01/07/2020. What is important to note is that the advance was limited due to the 200 Exponential moving average that is currently at 108.055 as well as the 108.00 psychological level. There is a bigger bull flag pattern in the making which provides the possibility of seeing the price achieve the 109.020 and 109.70 levels. The challenge, however, is whether the price can close above the 200 simple and exponential averages at 108.36 and 108.055 respectively.
