USD/JPY Technical Analysis: Challenges ascending trend-channel support ahead of US retail sales data
|• The pair has been trending higher alongside an ascending trend-channel formation on the 30-min chart, albeit descending trend-line now seems to hinder the positive momentum.
• Technical indicators on the mentioned chart have also started losing traction and hence, weakness below the trend-channel support would negate prospects of any further up-move.
• Traders are likely to wait for today's release of the US monthly jobs report before positioning for the pair's next leg of directional move.
USD/JPY 30-min chart
Spot Rate: 111.13
Daily High: 111.43
Trend: Bullish until holds above 111.00 mark
Resistance
R1: 111.43 (daily swing high)
R2: 111.77 (R2 daily pivot-point)
R3: 112.00 (round figure mark)
Support
S1: 111.00 (round figure mark)
S2: 110.71 (S1 daily pivot-point)
S3: 110.50 (horizontal zone)
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