- The USD/JPY has charted a bull flag-like pattern on the hourly chart.
- A convincing break above 111.30 (flag hurdle) would signal a continuation of the rally from the low of 110.03 and could yield a rally to 112.75 (target as per the measured height method). On the way higher, the pair could encounter resistance at 111.49 (Aug. 24 high).
- The 100-hour moving average (MA) is located above the 200-hour MA, which indicates the path of least resistance is to the upside.
Hourly Chart
-636711077278365516.png)
Spot Rate: 111.27
Daily High: 111.32
Daily Low: 111.13
Trend: Bullish
R1: 111.30 (flag hurdle)
R2: 111.49 (Aug. 24 high)
R3: 112.15 (Aug. 1 high)
Support
S1: 111.15 (ascending 100-hour MA)
S2: 110.93 (flag low)
S3: 110.59 (July 26 low)
Share
