Search ForexCrunch

   “¢   Despite Friday’s sharp intraday pullback, the pair showed some resilience below the very important 200-day SMA and managed to regain traction at the start of a new trading week.  

   “¢   The mentioned support, currently near mid-111.00s, might now act as a key pivotal point for the pair’s next leg of a directional move and an important trigger for bearish traders.

   “¢   Meanwhile, the intraday up-move ran into resistance near the 100-hour SMA, though bullish oscillators on the 1-hourly/daily charts support prospects for some dip-buying interest.

   “¢   However, any subsequent up-move is likely to confront fresh supply near another confluence barrier near the 111.85 region ahead of the latest FOMC policy update on Wednesday.

   “¢   The said barrier comprises of 200-hour SMA and a short-term descending trend-line, which if cleared should pave the way for a further near-term appreciating move for the major.

USD/JPY 1-hourly chart