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FxWirePro: USD/JPY extends gains above 200H SMA, eyes 50-DMA (108.50)
USD/JPY chart - Trading View
USD/JPY is showing signs of slight upside on the intraday charts.
The major is holding above 108 handle despite yen being in demand on account of risk aversion.
The pair is trading 0.19% higher on the day at 108.07 at 04:35 GMT.
Price action has broken above 200H SMA and s hovering around 21-EMA.
Major trend is bearish, but scope for test of 50-DMA at 108.50.
Technical indicators are turning slightly bullish on the intraday charts. Volatility is rising.
Break above 50-DMA could see further gains. Bearish invalidation only above 200-DMA (110.65).
Resumption of weakness will see dip till 78.6% Fib at 106.31.
Support levels - 107.78 (5-DMA), 107, 106.31 (78.6% Fib)
Resistance levels - 108.49 (50-DMA), 108.77 (cloud base), 109 (July 10 high)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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