USD/JPY Technical Analysis: Bounce from 200-hour EMA could fade below 113.45

USD/JPY is currently trading at 113.47, having defended the support of the 200-hour exponential moving average (EMA) on Friday.
The rebound, however, could run out of steam if the spot fails to defend a key support at 113.45 - lower edge of the rising wedge, as seen in the 15-minute chart. A rising wedge breakdown, if confirmed, would confirm a bearish reversal on 15-minute chart and open the doors to re-test of the 200-hour EMA, currently at 113.28.
As seen in the 15-minute chart, the RSI has already bearish the ascending trendline in favor of the bears. So, the pair is more likely to suffer a rising wedge breakdown.

Omkar Godbole FXStreet Contributor

15-minute chart

Trend: Bearish

USD/JPY

Overview:
    Today Last Price: 113.48
    Today Daily change: 9.0 pips
    Today Daily change %: 0.0794%
    Today Daily Open: 113.39
Trends:
    Previous Daily SMA20: 113.2
    Previous Daily SMA50: 113
    Previous Daily SMA100: 112.37
    Previous Daily SMA200: 110.76
Levels:
    Previous Daily High: 113.7
    Previous Daily Low: 113.2
    Previous Weekly High: 113.71
    Previous Weekly Low: 112.24
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 113.39
    Previous Daily Fibonacci 61.8%: 113.51
    Previous Daily Pivot Point S1: 113.16
    Previous Daily Pivot Point S2: 112.94
    Previous Daily Pivot Point S3: 112.67
    Previous Daily Pivot Point R1: 113.65
    Previous Daily Pivot Point R2: 113.92
    Previous Daily Pivot Point R3: 114.14

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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