USD/JPY Technical Analysis: Re-test of bullish 5-day EMA support likely

The USD/JPY is currently trading at 113.92, down 0.12 percent on the day, and could drop further to the 5-day exponential moving average (EMA) of 113.65 as the indicators on the hourly chart have rolled over in favor of the bears.
For instance, the hourly chart RSI is flashing a bearish divergence and has eroded the rising trendline. The stochastic has rolled over from the overbought territory and the MACD is producing a bearish crossover.
The pullbacks, however, could be short-lived as the pair closed yesterday above the previous day's high of 113.82, bolstering the already bullish setup on the daily chart: higher lows and higher highs and ascending 5-, 10-, 50-day EMAs.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: minor pullback likely before further gains

USD/JPY

Overview:
    Last Price: 113.88
    Daily change: -11 pips
    Daily change: -0.0965%
    Daily Open: 113.99
Trends:
    Daily SMA20: 112.7
    Daily SMA50: 112.53
    Daily SMA100: 111.83
    Daily SMA200: 110.02
Levels:
    Daily High: 114.02
    Daily Low: 113.48
    Weekly High: 113.4
    Weekly Low: 111.78
    Monthly High: 114.56
    Monthly Low: 111.38
    Daily Fibonacci 38.2%: 113.81
    Daily Fibonacci 61.8%: 113.68
    Daily Pivot Point S1: 113.64
    Daily Pivot Point S2: 113.28
    Daily Pivot Point S3: 113.09
    Daily Pivot Point R1: 114.18
    Daily Pivot Point R2: 114.37
    Daily Pivot Point R3: 114.73

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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