“¢ The pair was now seen consolidating along an intraday descending trend-channel and also seems to have formed a firm base near 50-hour SMA.
“¢ Given a goodish up-move of around 65-pips over the past 18-hours, the said channel constitutes towards the formation of a bullish flag chart pattern.
USD/JPY 15-mins. chart
-636838433805997633.png)
“¢ The fact that the pair has managed to hold above important intraday moving averages – 50, 100 & 200-hour SMA, add credence to the constructive set-up.
“¢ Bullish technical indicators on hourly charts, albeit have struggled to gain any meaningful traction on the daily chart, support prospects for additional gains.
1-hourly chart
-636838434190694900.png)
“¢ Traders, however, are likely to wait for a bullish confirmation through the flag resistance before positioning for any further appreciating move in the near-term.
USD/JPY
Overview:
Today Last Price: 109.66
Today Daily change %: 0.23%
Today Daily Open: 109.41
Trends:
Daily SMA20: 109.17
Daily SMA50: 111.37
Daily SMA100: 112.03
Daily SMA200: 111.21
Levels:
Previous Daily High: 109.7
Previous Daily Low: 109.14
Previous Weekly High: 109.9
Previous Weekly Low: 107.99
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Daily Fibonacci 38.2%: 109.36
Daily Fibonacci 61.8%: 109.49
Daily Pivot Point S1: 109.14
Daily Pivot Point S2: 108.86
Daily Pivot Point S3: 108.57
Daily Pivot Point R1: 109.7
Daily Pivot Point R2: 109.98
Daily Pivot Point R3: 110.26
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