USDJPY Technical Analysis 12.08.2016

USDJPY

The pair is consolidating and forming a triangle pattern amid the release of the US retail sales data. If the numbers are higher than expected it will push the pair up. If the numbers are lower than expected the pair will fall to the lower range of the triange, but will probably remain within it.

The pair is higher than the middle Bollinger band, higher than SMA5 and SMA14. RSI is higher than 50% level and moving horizontally. Stoch are in the overbought zone.
 

Trading recommendations: Buy the pair once the 102.50 level is breached considering a possible move to 104.00