- Currently, the USD/JPY is chipping away at the 4H 100-period EMA of 112.61.
- The EMA struggled to find acceptance above that EMA last Wednesday and fell back to 112.00 the next day.
- Hence, the 100-period EMA is the level to beat for the bulls. A sustained break above that level would signal a continuation of the recovery rally from the Oct. 15 low of 111.62 and would open up upside toward 113.18 (July 19 high).
Hourly Chart
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Spot Rate: 112.60
Daily High: 112.65
Daily Low: 112.35
Trend: Bullish above 4H 100-period EMA
R1: 112.73 (Oct. 18 high)
R2: 113.00 (July high)
R3: 113.43 (61.8% Fib R of 114.55/111.62)
Support
S1: 112.52 (10-day EMA)
S2: 111.95 (Oct. 18 low)
S3:111.62 (Oct. 15 low)
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