FXWIREPRO: USD/JPY Pauses Decline, Scope for Further Upside
- USD/JPY has paused its declined as positive pending home sales data released earlier in the US session limited the pairs downside.
- Further downside is expected to be limited as the pair finds strong support at 113.79 which should limit further decline and bring rebound towards higher levels in the short term.
- Technically the pair is trading above 21 DMA, the RSI in the 4 hour chart is indicating upwards at 62, meanwhile the 55, 30 and 20 MA's are pointing towards higher side. Overall the technical indicators are depicting further uptrend for this pair.
- To the upside, the strong resistance can be seen at 113.69, a break above this level would take the pair towards next resistance level at 113.91.
- To the downside immediate support can be seen at 113.33, a break below this level will open the door towards next level at 113.07. Resistance Levels R1: 113.59 (38.2% Retracement Level) R2: 113.69 (Daily high) R3: 113.91 (23.6% Retracement Level) Support Levels S1: 113.33 (50% Retracement Level) S2: 113.07 (61.8% Retracement Level) S3:112.65 (March 15th lows)
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