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