USDJPY dominated by bulls lifting the market higher throughout the day
Moving higher for the 2nd day in a row, USDJPY ended Tuesday at 110.35 surging 70 pips (0.64%). This is the biggest single day gain in over three weeks. Today's closing price of 110.35 marks the highest close since January 22nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 109.67, the currency confirms its breakout through the previous session's high having traded 78 pips above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Tuesday's trading range was 80 pips (0.73%), that's above last trading month's daily average range of 61 pips. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The forex pair managed to break above the 200-day moving average at 110.16 today for the first time since November 29, 2017.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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|Bullish Break through SMA 200||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
|Strong Up Move||TQ Pro Members Only|
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