USD/JPY Technical Analysis: Bullish flag breakout support prospects for further gain after upbeat US PPI
|• Against the backdrop of a strong up-move over the past two trading session, the pair’s intraday slide along a downward sloping trend-channel constituted towards the formation of a bullish flag chart pattern on the short-term chart.
• A move beyond the trend-channel resistance was seen as a key trigger for bullish traders, with hotter-than expected US PPI print providing an additional boost and lifting the pair back closer to five-week tops set yesterday.
• Given that the pair remains comfortably above important intraday moving averages - 50, 100 & 200-hour SMAs, bullish technical indicators on hourly/daily charts further support prospects for an extension of the positive move.
• Hence, a follow-through up-move, led by some fresh technical selling on a sustained move beyond the 114.00 handle, now looks a distinct possibility and could lift the pair further towards Oct. swing high, around the 114.50-55 region.
USD/JPY 15-mins chart
USD/JPY
Overview:
Last Price: 113.92
Daily change: -7.0 pips
Daily change: -0.0614%
Daily Open: 113.99
Trends:
Daily SMA20: 112.7
Daily SMA50: 112.53
Daily SMA100: 111.83
Daily SMA200: 110.02
Levels:
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
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