USD/JPY holds above 118 handle, 5-DMA at 118.56 caps upside

FX:USDJPY   U.S. Dollar / Japanese Yen
175 0 3
USD/JPY             failed to hold at higher levels and slipped despite a relief rally in the Asian indices, especially with a positive opening in China’s stock markets supported risk-on environment.

The pair still holds above the 118 handle and is trying to stabilize above the hourly 50-SMA support placed at 118.18.

Stochs on 4hourlies have rolled over from oversold zone with a bullish crossover, MACD also gives a buy on the 4Hourly charts.

A close above 118.30 (major support turned resistance) with support from momentum indicators could see regain of 120 levels.

The pair is being dragged lower with large volumes, a close below 117.72 will take the pair to 116 and then 115.60 levels.

We will wait for further signals to initiate next trade
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