- The 100-pip jump in the EUR/JPY seems to have lifted the USD/JPY pair to a session high of 111.84.
- Italy is considering bringing down its fiscal deficit to 2 percent of GDP in 2021, a local newspaper reported earlier today. The news has put a bid under the EUR.
- The USD/JPY is currently trading above the upper edge of the falling wedge seen in the hourly chart. A bull breakout, if confirmed, would open add credence to ascending (bullish) 5-day and 10-day exponential moving averages (MAs) and would open up upside toward the November 2017 low of 111.74.
Hourly Chart
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Spot Rate: 113.78
Daily High: 111.84
Daily Low: 1113.52
Trend: Bullish
R1: 113.90 (resistance of Oct. 2 high on the hourly chart)
R2: 114.06 (Oct. 1 high)
R3: 114.74 (November high)
Support
S1: 113.72 (50-hour EMA)
S2: 113.52 (session low)
S3: 113.00 (psychological level)
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