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  • The USD/JPY is currently trading at 113.92, down 0.12 percent on the day, and could drop further to the 5-day exponential moving average (EMA) of 113.65 as the indicators on the hourly chart have rolled over in favor of the bears.
  • For instance, the hourly chart RSI is flashing a bearish divergence and has eroded the rising trendline. The stochastic has rolled over from the overbought territory and the MACD is producing a bearish crossover.
  • The pullbacks, however, could be short-lived as the pair closed yesterday above the previous day’s high of 113.82, bolstering the already bullish setup on the daily chart:   higher lows and higher highs and ascending 5-, 10-, 50-day EMAs.

Hourly Chart

Trend: minor pullback likely before further gains


       Last Price:  113.88
       Daily change:  -11  pips
       Daily change:  -0.0965%
       Daily Open:  113.99
       Daily SMA20:  112.7
       Daily SMA50:  112.53
       Daily SMA100:  111.83
       Daily SMA200:  110.02
       Daily High:  114.02
       Daily Low:  113.48
       Weekly High:  113.4
       Weekly Low:  111.78
       Monthly High:  114.56
       Monthly Low:  111.38
       Daily Fibonacci 38.2%:  113.81
       Daily Fibonacci 61.8%:  113.68
       Daily Pivot Point S1:  113.64
       Daily Pivot Point S2:  113.28
       Daily Pivot Point S3:  113.09
       Daily Pivot Point R1:  114.18
       Daily Pivot Point R2:  114.37
       Daily Pivot Point R3:  114.73