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   “¢   The pair once again failed to make it through an important supply zone near the 113.35 region and has now dropped to the lower end of its daily trading range.  

   “¢   The fact that the pair is holding above important intraday moving averages – 50, 100 & 200-hour SMA, support prospects for further near-term up-move.  

   “¢   Moreover, technical indicators on hourly/daily charts have managed to hold with a mild positive bias and add credence to the near-term constructive set-up.

   “¢   Hence, the current price-action could be seen as a consolidation phase, helping the pair to form a strong near-term base around the 113.00-113.10 horizontal zone.

   “¢   However, it would be prudent to wait for a sustained move beyond the 113.35 region before traders start positioning for any further near-term positive move.

   “¢   Meanwhile, a convincing break below the 113.00 handle might negate the positive outlook and turn the pair vulnerable to resume with its recent slide from YTD tops set on Oct. 4.


USD/JPY 1-hourly chart

USD/JPY

Overview:
       Last Price:  113.19
       Daily change:  0.0  pips
       Daily change:  0.00%
       Daily Open:  113.19
Trends:
       Daily SMA20:  112.52
       Daily SMA50:  112.34
       Daily SMA100:  111.7
       Daily SMA200:  109.93
Levels:
       Daily High:  113.34
       Daily Low:  112.56
       Weekly High:  113.4
       Weekly Low:  111.78
       Monthly High:  114.56
       Monthly Low:  111.38
       Daily Fibonacci 38.2%:  113.04
       Daily Fibonacci 61.8%:  112.85
       Daily Pivot Point S1:  112.72
       Daily Pivot Point S2:  112.24
       Daily Pivot Point S3:  111.93
       Daily Pivot Point R1:  113.5
       Daily Pivot Point R2:  113.81
       Daily Pivot Point R3:  114.29