USD/JPY Current price: 118.10
View Live Chart for the USD/JPY
Short term bullish above 118.40. The USD/JPY posted a shallow advance this Wednesday, rallying up to 118.37 during the Asian session. The pair however, has spent most of the first half of the day consolidating within a tight range, meeting buying interest on approaches to the 118.00 level. Technically, the 1 hour chart shows that the price extended above its 100 SMA, currently around 117.65, but stalled short from the 200 SMA, the immediate resistance around 118.40. In the same chart, the technical indicators hold above their mid-lines, but the Momentum indicator heads south whilst the RSI indicator consolidates around 55. In the 4 hours chart, the price is still far below its moving averages, suggesting a longer term recovery is yet to be confirmed, although the technical indicators are recovering their bullish slopes well above their mid-lines, and following some consolidation, indicating further gains are likely particularly on a break above 118.40.
Support levels: 117.65 117.20 116.65
Resistance levels: 118.40 118.95 119.35
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