USD/JPY Golden Cross

[DannyBly]

Although momentum has slowed down on the daily chart, the 50 and 200 SMA's appear poised to cross over with further movement to the upside (golden cross). We have resistance to the upside at 108.58 and support rising underneath with the up trendline that forms the bottom of the channel as shown on the chart. Looking for bullish follow through if the recent resistance at 108.58 can be violated and the 50 and 200 SMA's cross.

[hersko915]

Why is it referred to as the golden cross?

[Kat123]

A Golden Cross is a crossover involving a security's short-term moving average (such as 15-day moving average) breaking above its long-term moving average (such as 50-day moving average) or resistance level.
As long-term indicators carry more weight, the Golden Cross indicates a bull market on the horizon and is reinforced by high trading volumes. Additionally, the long-term moving average becomes the new support level in the rising market.

Technicians might see this cross as a sign that the market has turned in favor of the stock.