Long if UJ is still above the support zone (113.70-114.00)
USD/JPY remained subdued in the overnight session, but in the Powell news, rallied 60 pips.
Two important price zones need to be observed: 114.70-115.00 and 113.80 - 114.00. This is an area that will make the bulls come back to hold the market.
In the daily chart, the USD/JPY depicts an upside bias. The daily moving averages (DMA’s) reside below the spot price, though approaching an interest level around the 114.70-115.00 area, unsuccessfully broken three times. However, a daily break above the 115.00 figure would open the door for further gains.
20-DMA and two-week-old rising trend line, respectively around 114.00 and 113.80, limits immediate downside of the quote.
Two important price zones need to be observed: 114.70-115.00 and 113.80 - 114.00. This is an area that will make the bulls come back to hold the market.
In the daily chart, the USD/JPY depicts an upside bias. The daily moving averages (DMA’s) reside below the spot price, though approaching an interest level around the 114.70-115.00 area, unsuccessfully broken three times. However, a daily break above the 115.00 figure would open the door for further gains.
20-DMA and two-week-old rising trend line, respectively around 114.00 and 113.80, limits immediate downside of the quote.