USD/JPY Analysis - page 98

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The pair has formed two bearish pinbars at 113.35 on the D1 time frame, I think we will soon see a new move south.
 

During the the majority of the day USD/JPY was trading within a relatively tight range around  113.20,but in the last hour the pair rose to its highest level in 10 days at 113.43., breaking above both the 50-day and 200-day SMAs.  In addition Momentum is positive and the pair is trading alongside an uptrend channel. The 113.75 level holds USD/JPY down since mid-November and is a substantial resistance. The downside offers 113.00 level as support line and also holds the pair down since earlier November.

 

 
The pinbars provided to be a false signal which does happen sometimes, next target is at 114.00, I think.
 
USD/JPY is consolidating around one-and-a-half week tops, above mid-113.00s. The pair lacked any firm directional bias and seesawed between tepid gains and minor losses.
 
The pair has pulled back from 113.90 but I don't think the bullish run is over yet, we may soon see a breakout above 114.00.
 

USD/JOY is technically neutral in the four hours chart with technical indicators having retreated from oversold readings but holding nearby, and the price developing above all of its moving averages. Beyond 114.05, the pair has room to extend its advance up to 114.54, October high, while bulls could give up only on a break below 113.20.

 


While the yen remains above 112.50, dips are good buying opportunities. Buyers are scattered from 113.20 down to 112.69

 
The correction is still developing, I think we may see it depreciate to 113.00.
 

USD/JPY lost a handful of pips following the release of the FOMC minutes although lack of follow through and price clings at 113.45. The pair is currently trading in the 113.30 area and at risk of extending the slump, particularly on a break below the mentioned daily low of 113.20 that will dent bulls' determination.

 
USD/JPY reached 113.20 and rebounded from it, so far there is no signal for another move south so I think the pair will remain range-bound.
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