USD/JPY Technical Analysis: Feeling the pull of the gravity

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  • USD/JPY’s retreat from 112.52 to 112.40 puts focus back on the bearish RSI divergence confirmed on Friday.
  • Hence, a deeper pullback to 112.00 could be on the cards.

Hourly chart

Spot Rate: 112.40

Daily High: 112.56

Daily Low: 112.20

Trend: Bearish

Resistance

R1: 112.56 (Asian session high)

R2: 112.80 (Friday’s high)

R3: 113.24 (200-week MA)

Support

S1: 112.20 (session high)

S2: 111.92 (100-hour MA)

S3: 111.24 (200-hour MA)

 

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