We were correct last time when we expected 1,12 to hold ( check it here )
Are bulls strong enough to hold 1,13 this time ?
If yes we may see rally twds 1,1500/50.
On the other hand break and daily close below may expose 1,1200/1180 and even 1,10.
All in all 1,13 is key not only from intraday but med term perspective ( in our opinion )
Short term bulls may try to find support right below 1,56 and if thats the case rise towards 1,59 will be possible.
So, we are looking for rejection below 1,56 on a smaller TF.
Also, We would like to use eventual rally as selling opportunity.
Will update ( if possible )
Despite Brexit news bulls were not able to close above 1,29 ydy.
Bears still under control and we do have a chance to see latest low or even 1,2650ish ( based on monthly chart ).
Rise and close above 1,29 will open 1,2980/3000 and 1,3035/55
This is USDJPY 1hr chart and as we can see there are 2 possible demand zones ( if you believe at least for bounce towards 113,00/15 ):
First one around 112,15/00, second oned ( wider ) 111,80/40 Good Luck
Divergences Spotted and we are testing an important trendline support if the 1h candle close below the support the first target will be the blue rectangle.
First Target: 1.31850