Denis Joeli Fatiaki
Independent Analyst
USD/JPY: US dollar attempts to break out at 113.410
What is going on now with USD/JPY?
USD/JPY: The US dollar slipped below its 500 EMA at 113.095 in yesterdays trading session; however The pair fought back and managed to defend its position at 113.095. The US dollar proceeded to the upside during the European session and took out estimated long targets at 113.230 and 113.410.
Our forecast
USD/JPY: The US dollar is currently trading at 113.405 and is attempting to break through 113.410 resistance in the 60 minutes price chart. The pair needs to break and hold above 113.410 to proceed to its next target at 113.520 and 113.675. The pair could pull back to 113.230 support if it fails to continue at 113.410
Support/short target - 113.230, 113.095, 112.925, and 112.800
Resistance/Long Target -113.410, 113.520, 113.675, and 113.840
Chart 1: The short-term view of the USD/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the USD/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply to stop loss to protect your capital, take profit and exit your position.
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