USD/JPY breaks 200-DMA, gains to 112.20 likely
The 10-year UST yield continues to recover from over 3-month lows below 2.6 percent hit earlier this week, supporting the USD.
Technical studies on intraday charts are turning slightly bullish.
Price action is probing 200-hour SMA resistance at 111.51, breakout could see further gains.
RSI is above 50 and Stochs are at oversold levels which keep scope for reversal into neutral.
55-EMA is strong support at 110.83. Rejection at 200-DMA and retrace below 55-EMA will see weakness.
Support levels - 110.83 (55-EMA), 110 (trendline), 109.60 (50% Fib)
Resistance levels - 112, 112.13 (Mar 5 high), 112.25 (200-W SMA)
Stay long for 112/ 112.25, SL: 110.80
Technical studies on intraday charts are turning slightly bullish.
Price action is probing 200-hour SMA resistance at 111.51, breakout could see further gains.
RSI is above 50 and Stochs are at oversold levels which keep scope for reversal into neutral.
55-EMA is strong support at 110.83. Rejection at 200-DMA and retrace below 55-EMA will see weakness.
Support levels - 110.83 (55-EMA), 110 (trendline), 109.60 (50% Fib)
Resistance levels - 112, 112.13 (Mar 5 high), 112.25 (200-W SMA)
Stay long for 112/ 112.25, SL: 110.80