“¢ Range-bound price action since the early European session constituted towards formation a rectangular pattern, suggesting a brief pause before the resumption of the prior trend, bullish in case of the USD/JPY pair.
“¢ The pattern, however, is not complete until a breakout has occurred and hence, it would be prudent to wait for a sustained move beyond the 113.00 handle before positioning for any further near-term appreciating move.
Spot rate: 112.99
Daily High: 113.08
Daily Low: 112.65
Trend: Sideways
Resistance
R1: 113.11 (R1 daily pivot-point)
R2: 113.39 (YTD tops set on Jan. 8)
R3: 113.79 (R3 monthly pivot-point)
Support
S1: 112.80 (horizontal zone)
S2: 112.47 (S2 daily pivot-point)
S3: 112.09 (200-period SMA H1)
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