USD/JPY: US dollar bounced at 112.295 and attempted to push through 112.450

Denis Joeli Fatiaki Independent Analyst

What is going on now with USD/JPY:?

USD/JPY: The US dollar broke through 112.745 as highlighted in Friday's session and managed to reach 112.910 price target before pulling back to 112.610 support. The US dollar failed again at 112.610 support at the last session on Friday and took out two short targets at 112.450 and 112.295.

Our forecast

USD/JPY: The US dollar began its first session of the week at around Friday's close at 112.295 and had pushed prices to 112.450 resistance. The pair needs to maintain trading activities above 112.450 to continue to the upside. The US dollar could head back down to 112.295 if it fails at 112.450

Support/short target - 112.295, 112.205, and112.080

Resistance/Long Target -112.450, 112.540,112.610, and 112.745

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.

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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