- The USD/JPY hourly chart shows a downside break of the rising trendline and a bearish divergence of the relative strength index (RSI).
- The hourly MACD is showing that the bearish momentum is gathering pace.
- Hence, the pair could soon test the ascending (bullish) 50-hour exponential moving average (EMA), currently located at 113.74. A strong bounce from that level could help recharge engines for a convincing break above 114.00.
Hourly Chart
Spot Rate: 113.93
Daily High: 114.02
Daily Low: 113.82
Trend: Bearish
R1: 114.37 (May 2017 high)
R2: 114.49 (July 2017 high)
R3: 114.74 (November high)
Support
S1: 113.61 (daily low)
S2: 113.17 (200-week moving average)
S3: 113.00 (psychological level)