USD/JPY Technical Analysis: break above 113.82 to bolster the bullish tone

The USD/JPY has charted a bullish higher lows and higher highs pattern on the 4-hour chart over the last two weeks.
Notably, the pair created a third higher low yesterday at the ascending 50-period EMA.
The major EMAs – 50, 100, and 200 – are trending north indicating a bullish setup.
What bulls need now is a convincing move above 113.82. A break above that levels, if confirmed, would confirm another higher high and bolster the already bullish setup, opening the doors to re-tets of recent highs above 114.50.

Omkar Godbole FXStreet Contributor

4-hour Chart

Trend: Bullish

USD/JPY

Overview:
    Last Price: 113.71
    Daily change: 19 pips
    Daily change: 0.167%
    Daily Open: 113.52
Trends:
    Daily SMA20: 112.61
    Daily SMA50: 112.47
    Daily SMA100: 111.79
    Daily SMA200: 109.99
Levels:
    Daily High: 113.83
    Daily Low: 112.94
    Weekly High: 113.4
    Weekly Low: 111.78
    Monthly High: 114.56
    Monthly Low: 111.38
    Daily Fibonacci 38.2%: 113.49
    Daily Fibonacci 61.8%: 113.28
    Daily Pivot Point S1: 113.04
    Daily Pivot Point S2: 112.55
    Daily Pivot Point S3: 112.15
    Daily Pivot Point R1: 113.92
    Daily Pivot Point R2: 114.32
    Daily Pivot Point R3: 114.81

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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