- The bullish move in the USD/JPY seems to have stalled near 113.00 and the bearish divergence of the hourly chart relative strength index (RSI) indicates a minor pullback could be in the offing, possibly to the rising trendline support, currently located at 112.70.
- The dip could be short-lived and the pair could set new yearly highs above 113.39 if the Fed signals low tolerance for an above-target inflation.
Hourly Chart
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Spot Rate: 112.92
Daily High: 113.03
Daily Low: 112.89
Trend: Intraday bearish
R1: 113.18 (July high)
R2: 113.39 (January high)
R3: 113.75 (December high)
Support
S1: 112.70 (trendline support)
S2: 112.37 (200-hour moving average)
S3: 112.00 (psychological level)
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