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   “¢   Against the backdrop of a strong up-move over the past two trading session, the pair’s intraday slide along a downward sloping trend-channel constituted towards the formation of a bullish flag chart pattern on the short-term chart.

   “¢   A move beyond the trend-channel resistance was seen as a key trigger for bullish traders, with hotter-than expected US PPI print providing an additional boost and lifting the pair back closer to five-week tops set yesterday.

   “¢   Given that the pair remains comfortably above important intraday moving averages – 50, 100 & 200-hour SMAs, bullish technical indicators on hourly/daily charts further support prospects for an extension of the positive move.

   “¢   Hence, a follow-through up-move, led by some fresh technical selling on a sustained move beyond the 114.00 handle, now looks a distinct possibility and could lift the pair further towards Oct. swing high, around the 114.50-55 region.
 

USD/JPY 15-mins chart

USD/JPY

Overview:
       Last Price:  113.92
       Daily change:  -7.0  pips
       Daily change:  -0.0614%
       Daily Open:  113.99
Trends:
       Daily SMA20:  112.7
       Daily SMA50:  112.53
       Daily SMA100:  111.83
       Daily SMA200:  110.02
Levels:
       Daily High:  114.02
       Daily Low:  113.48
       Weekly High:  113.4
       Weekly Low:  111.78
       Monthly High:  114.56
       Monthly Low:  111.38
       Daily Fibonacci 38.2%:  113.81
       Daily Fibonacci 61.8%:  113.68
       Daily Pivot Point S1:  113.64
       Daily Pivot Point S2:  113.28
       Daily Pivot Point S3:  113.09
       Daily Pivot Point R1:  114.18
       Daily Pivot Point R2:  114.37
       Daily Pivot Point R3:  114.73