USD/JPY Technical Analysis: Path of least resistance is to the upside
|- USD/JPY is reporting losses, likely due to an uptick in the Japanese government bond yields and escalating US-China trade tensions.
- Still, the path of least resistance remains to the upside as the 100-hour moving average (MA) is holding above the 200-hour MA. Further, the 50-MA is also holding above the 100-hour MA and is trending north in favor of the bulls.
- The daily chart shows a bullish crossover between the 5-day and 10-day MA, meaning the short-term outlook has turned bullish.
Hourly chart
Spot Rate: 111.62
Daily HIgh: 111.73
Daily Low: 111.54
Trend: Bullish
R1: 111.73 (session high)
R2: 112.15 (previous day's high)
R3: 113.18 (July high)
Support
S1: 111.44 (5-day moving average)
S2: 111.00 (psychological support)
S3: 110.678 (50-day moving average)
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