USD/JPY: US dollar pulled back to its 500 EMA at 113.095

Denis Joeli Fatiaki Independent Analyst

USD/JPY: US dollar pulled back to its 500 EMA at 113.095

What is going on now with USD/JPY?

USD/JPY: The US dollar broke through 113.410 as indicated in the previous update but failed to continue at 113.520, and fell in the overnight session. The pair slipped below 113.410 support and fell to its 500 EMA at 113.095 in the 60 minutes price chart.

Our forecast

USD/JPY: The US dollar is currently trading at 113.214 in this morning's session. The US dollar is also holding on to its position above a critical support price point at its 500 EMA at 113.095 and need to maintain trding activities above this point to head back up to 113.410. The pair could fall to 112.925 and 112.800 if it fails at 113.095 support

Support/short target - 113.095, 112.925, and 112.800

Resistance/Long Target -113.230, 113.410, 113.520, and 113.675

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

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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