USD/JPY Technical Analysis: Bulls gearing up for a move towards 114.00 handle

Haresh Menghani FXStreet

• This week's bullish resilience near the very important 100-day SMA support constituted towards the formation of a bullish double-bottom pattern on short-term charts.

USD/JPY daily chart

• Adding to this, the pair formed a firm base near the 113.00 handle (200-hour EMA) in the previous session and further reinforced the near-term bullish formation.

1-hourly chart

• Meanwhile, positive technical indicators on hourly/daily charts add credence to the constructive set-up and support prospects for an extension of the up-move.

• Hence, any subsequent buying interest has the potential to lift the pair further towards testing a short-term descending trend-line resistance, just below the 114.00 handle.

USD/JPY

Overview:
    Today Last Price: 113.47
    Today Daily change: 10 pips
    Today Daily change %: 0.0882%
    Today Daily Open: 113.37
Trends:
    Previous Daily SMA20: 113.18
    Previous Daily SMA50: 113.04
    Previous Daily SMA100: 112.3
    Previous Daily SMA200: 110.65
Levels:
    Previous Daily High: 113.48
    Previous Daily Low: 112.98
    Previous Weekly High: 113.83
    Previous Weekly Low: 112.23
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 113.28
    Previous Daily Fibonacci 61.8%: 113.17
    Previous Daily Pivot Point S1: 113.07
    Previous Daily Pivot Point S2: 112.77
    Previous Daily Pivot Point S3: 112.57
    Previous Daily Pivot Point R1: 113.57
    Previous Daily Pivot Point R2: 113.77
    Previous Daily Pivot Point R3: 114.07

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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