USD/JPY: US dollar bounced at 112.295 and attempted to push through 112.745
What is going on now with USD/JPY:?
USD/JPY: The US dollar failed at 112.745 support as indicated in yesterdays update and fell to around 112.905 support. The pair took out all short position estimates and 112.295 before reversing to the upside during the European session. The US dollar progressed from 112.295 and reached 112.745 in this mornings session.
USD/JPY: The US dollar has retreated from 112.745 to 112.610 in the 60 minutes price chart and currently trades at 112.678. The US dollar needs to remain above 112.610 to head back up and re-test resistance at 112.745. A break above 112.745 could clear the path for the pair to proceed further to the upside. The US dollar could continue down to 112.540 and 112.450 if it fails at 112.610
Support/short target - 112.610, 112.540, 112.450, and 112.295
Resistance/Long Target -112.745, 112.820, 112.910, and 113.015
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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