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  • The USD/JPY has charted a bullish higher lows and higher highs pattern on the 4-hour chart over the last two weeks.
  • Notably, the pair created a third higher low yesterday at the ascending 50-period EMA.
  • The major EMAs – 50, 100, and 200 – are trending north indicating a bullish setup.
  • What bulls need now is a convincing move above 113.82. A break above that levels, if confirmed, would confirm another higher high and bolster the already bullish setup, opening the doors to re-tets of recent highs above 114.50.

4-hour Chart

Trend: Bullish

USD/JPY

Overview:
       Last Price:  113.71
       Daily change:  19  pips
       Daily change:  0.167%
       Daily Open:  113.52
Trends:
       Daily SMA20:  112.61
       Daily SMA50:  112.47
       Daily SMA100:  111.79
       Daily SMA200:  109.99
Levels:
       Daily High:  113.83
       Daily Low:  112.94
       Weekly High:  113.4
       Weekly Low:  111.78
       Monthly High:  114.56
       Monthly Low:  111.38
       Daily Fibonacci 38.2%:  113.49
       Daily Fibonacci 61.8%:  113.28
       Daily Pivot Point S1:  113.04
       Daily Pivot Point S2:  112.55
       Daily Pivot Point S3:  112.15
       Daily Pivot Point R1:  113.92
       Daily Pivot Point R2:  114.32
       Daily Pivot Point R3:  114.81