- H&S signal lost steam in initial test to the downside low at 108.34.
- Dollar’s correction: Bulls are targetting a break of the 21&200-4hr SMA having crossed over the deceneidng trend line resistance.
- 109.80 recovery target in vicinity of the 100-D SMA.
USD/JPY intraday 240min (4hr) chart.
Spot rate: 109.04
Relative change: +0.25%
High: 109.09
Low: 108.34
Trend: Bullish short term correction and targets breakout of trend line resistance. Bears still in play below 109.72/80 20-D SMA/100 4hr SMA
Support 1: 108.09 S1-1D
Support 3: 107.41 S2-1D
Support 4: 106.71 S3-1D
Resistance 1: 109.10 21-4hr SMA/trend line resistance
Resistance 2: 109.46 R1-1D
Resistance 3: 109.80 20-D SMA/100 4hr SMA