“¢ Over the past few trading sessions, the pair has been oscillating in a broader trading range and now seems to have formed a continuation pattern – Rectangle, on the 4-hourly chart.
“¢ Further, the pair is holding comfortably above important moving averages – 50, 100 & 200-period SMA, thus categorizing the trading range as a pause in the prior bullish trend.
“¢ However, technical indicators on the mentioned chart have failed to support any firm directional bias, warranting some caution before initiating any fresh directional bets.
“¢ Hence, it would be prudent to wait for a convincing break through the mentioned range before traders start positioning aggressively for a possible near-term bullish trajectory.
USD/JPY 4-hourly chart
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USD/JPY
Overview:
Last Price: 113.86
Daily change: 9.0 pips
Daily change: 0.0791%
Daily Open: 113.77
Trends:
Daily SMA20: 112.96
Daily SMA50: 112.68
Daily SMA100: 111.95
Daily SMA200: 110.08
Levels:
Daily High: 114.16
Daily Low: 113.58
Weekly High: 114.1
Weekly Low: 112.94
Monthly High: 114.56
Monthly Low: 111.38
Daily Fibonacci 38.2%: 113.94
Daily Fibonacci 61.8%: 113.8
Daily Pivot Point S1: 113.52
Daily Pivot Point S2: 113.26
Daily Pivot Point S3: 112.94
Daily Pivot Point R1: 114.1
Daily Pivot Point R2: 114.42
Daily Pivot Point R3: 114.68
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