USD/JPY: 1-hour
Waiting for a chance to join the USD/JPY rally? Well, this just might be it! The pair is stalling at the 120.00 major psychological level and may be due for a pullback, possibly until the rising trend line on the 1-hour forex chart. This lines up with the 100 and 200 SMAs, which have held as a dynamic support level in the past. The pair might retreat to the area of interest around the 119.00 mark, which lines up with the 50% Fibonacci retracement level on the latest swing low and high. Stochastic is already moving out of the oversold area though, which means that dollar bulls are eager to charge and that a shallow pullback might be in play.
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