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FxWirePro: USD/JPY bounces off 1H 200-SMA and cloud, eyes 113 mark

USD/JPY chart on Trading View used for analysis

  • USD/JPY edges higher from session lows at 112.35, trades 0.09% higher on the day.
     
  • Price action has bounced off hourly 200-SMA and cloud, we see scope for test of 38.2% Fib at 112.76.
     
  • The S&P 500 futures have trimmed losses, likely helping the USD/JPY regain poise. Improves risk sentiment across the board keeps scope for gains. 
     
  • The pair finds strong support at 5-DMA and has edged above 21-EMA at 112.57.
     
  • Break above 38.2% Fib at 111.76 finds next resistance at 20-DMA at 112.95.
     
  • On the flipside, 1H 200-SMA is immediate support at 112.32, break below eyes 55-EMA at 112.09.

Support levels - 112.32 (1h 200 SMA), 112.09 (55-EMA)

Resistance levels - 112.76 (38.2% Fib), 112.95 (20-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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