Denis Joeli Fatiaki
Independent Analyst
USD/JPY: US dollar needs to remain above 113.095 to continue to the upside
What is going on now with USD/JPY?
USD/JPY: The US dollar broke through 112.450 resistance as indicated in yesterdays update and surged to the upside. The pair took out all long targets as per yesterdays estimates at 112.450, 112.540,112.610, and 112.745 and continued its run to the upside during the overnight session, reaching 113.359 before pulling back to 113.230 in this mornings session.
Our forecast
USD/JPY: The US dollar had an impressive run in yesterdays session, crossing over into bullish territory after breaking out above its 500 EMA at 113.095. The pair has slipped below 113.230 in this morning's trades and currently trades at 113.193. The US dollar needs to maintain trading activities above 113.095 to continue to the upside. The pair could pull back to 112.295 if it fails at 113.095 support.
Support/short target - 113.095, 112.925, 112.800, and 112.665
Resistance/Long Target -113.230, 113.410, and 113.520
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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