USD/JPY Technical Analysis: Ascending trend-channel support prospects for additional gains

Haresh Menghani FXStreet

• The pair built on its steady intraday climb from 100-hour SMA support and touched a 1-1/2 week high in the last hour, inching back closer to the 113.00 handle.

• The pair has been trending higher alongside a bullish channel on the 1-hourly chart, with bulls now eyeing a sustained break through the channel resistance.

• Technical indicators on hourly/daily charts continue to hold in positive territory and thus, reinforce prospects for a near-term bullish breakout amid fading safe-haven demand.

• However, a convincing break below the 112.20 horizontal area might negate the near-term constructive outlook and turn the pair vulnerable to slide further.

USD/JPY 1-hourly chart

USD/JPY

Overview:
    Last Price: 112.87
    Daily change: 32 pips
    Daily change: 0.284%
    Daily Open: 112.55
Trends:
    Daily SMA20: 112.98
    Daily SMA50: 111.97
    Daily SMA100: 111.45
    Daily SMA200: 109.83
Levels:
    Daily High: 112.66
    Daily Low: 112.14
    Weekly High: 112.75
    Weekly Low: 111.62
    Monthly High: 113.71
    Monthly Low: 110.38
    Daily Fibonacci 38.2%: 112.46
    Daily Fibonacci 61.8%: 112.34
    Daily Pivot Point S1: 112.24
    Daily Pivot Point S2: 111.92
    Daily Pivot Point S3: 111.71
    Daily Pivot Point R1: 112.76
    Daily Pivot Point R2: 112.97
    Daily Pivot Point R3: 113.29

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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