“¢ The pair struggled to capitalize on the early uptick to multi-day tops and failed ahead of the 111.00 handle, coinciding with the top end of a short-term ascending trend-channel formation.
“¢ However, the fact that the pair is holding comfortably above its important intraday moving averages – 50, 100 & 200-hour SMA, support prospects for an eventual bullish breakout.
USD/JPY 1-hourly chart
-636862574985642991.png)
“¢ Oscillators on hourly/daily charts have also moved into the positive territory and add credence to the constructive outlook, though bulls wait for the release of FOMC meeting minutes.
“¢ A sustained move beyond the said hurdle should lift the pair towards the 111.60-65 confluence region – comprising of 100-day SMA and another ascending trend-channel resistance.
“¢ Alternatively, a decisive break below the trend-channel support, currently near the 110.60 region, could accelerate the slide towards challenging the key 110.00 psychological mark.
4-hourly chart
-636862575466903489.png)
USD/JPY
Overview:
Today Last Price: 110.78
Today Daily change %: 0.15%
Today Daily Open: 110.61
Trends:
Daily SMA20: 109.92
Daily SMA50: 110.06
Daily SMA100: 111.55
Daily SMA200: 111.31
Levels:
Previous Daily High: 110.82
Previous Daily Low: 110.44
Previous Weekly High: 111.13
Previous Weekly Low: 109.7
Previous Monthly High: 110
Previous Monthly Low: 104.75
Daily Fibonacci 38.2%: 110.68
Daily Fibonacci 61.8%: 110.58
Daily Pivot Point S1: 110.42
Daily Pivot Point S2: 110.23
Daily Pivot Point S3: 110.03
Daily Pivot Point R1: 110.81
Daily Pivot Point R2: 111.01
Daily Pivot Point R3: 111.2
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