• USD/JPY pares early Asian session losses but stays neutral on a day.
  • Bullish chart pattern keeps buyers hopeful amid upbeat MACD, RSI.
  • Sellers have a bumpy road before testing 113.00, December’s low.

USD/JPY licks its wounds near 113.90 amid the pre-Fed inactive Asian session on Wednesday.

In doing so, the yen pair stays inside a short-term bullish chart pattern, namely ascending triangle, amid firmer MACD and RSI signals.

However, a convergence of the 61.8% Fibonacci retracement (Fibo.) of November-January upside and the upper line of the stated triangle from January 14, challenge the pair’s immediate upside moves near 114.00.

Also acting as important resistances are the 50-SMA and 200-SMA levels surrounding 114.15 and 114.55 in that orders.

Should USD/JPY rises past 114.55, its run-up towards the monthly high of 116.35 can be expected.

Meanwhile, the lower line of the triangle close to 113.45 limits the quote’s nearby declines, a break of which will direct USD/JPY sellers towards multiple supports marked since early December near 113.20.

Following that, the 113.00 threshold and the previous month’s low of 112.53 will be in focus.

USD/JPY: Four-hour chart

Trend: Recovery expected

Additional important levels

Overview
Today last price 113.88
Today Daily Change -0.02
Today Daily Change % -0.02%
Today daily open 113.9
 
Trends
Daily SMA20 114.84
Daily SMA50 114.3
Daily SMA100 113.31
Daily SMA200 111.53
 
Levels
Previous Daily High 114.16
Previous Daily Low 113.67
Previous Weekly High 115.06
Previous Weekly Low 113.6
Previous Monthly High 115.21
Previous Monthly Low 112.56
Daily Fibonacci 38.2% 113.86
Daily Fibonacci 61.8% 113.97
Daily Pivot Point S1 113.66
Daily Pivot Point S2 113.42
Daily Pivot Point S3 113.17
Daily Pivot Point R1 114.15
Daily Pivot Point R2 114.4
Daily Pivot Point R3 114.64

 

 

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