(Click on image to enlarge)
The USD/JPY is currently supported at POC zone 113.40-60 (Trendline, D L3, Order block, EMA89) and we might see a spike towards D L3 - 114.10.
The pair is in an uptrend on intraday (H1) and intra-week (H4) charts. 1h or 4h candle close above 114.10 should provide additional strength in this pair, targeting 114.35 (ATR high) and 114.75 (D L5) if we see additional volatility. W H3 and ATR low should hold (113.15) if bulls want to remain in control. Bears would only have control below D L5 (112.90). If that happens during next days we might expect 112.15 as the target.
Adding to that we have US Inflation data today so the combination of US data and profit taking could be volatile for this pair.
Comments
Log in or sign up to join the conversation.