USD/JPY Technical Analysis: Challenges ascending trend-channel support ahead of US retail sales data

Haresh Menghani FXStreet

• The pair has been trending higher alongside an ascending trend-channel formation on the 30-min chart, albeit descending trend-line now seems to hinder the positive momentum.

• Technical indicators on the mentioned chart have also started losing traction and hence, weakness below the trend-channel support would negate prospects of any further up-move.

• Traders are likely to wait for today's release of the US monthly jobs report before positioning for the pair's next leg of directional move.

USD/JPY 30-min chart

Spot Rate: 111.13
Daily High: 111.43
Trend: Bullish until holds above 111.00 mark

Resistance
R1: 111.43 (daily swing high)
R2: 111.77 (R2 daily pivot-point)
R3: 112.00 (round figure mark)

Support
S1: 111.00 (round figure mark)
S2: 110.71 (S1 daily pivot-point)
S3: 110.50 (horizontal zone)

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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