FxWirePro: USD/JPY downside capped by 200 -4H EMA, good to buy on dips
Supply Zone – 110.87 (200 -4H EMA). USD/JPY hits highest level for this month at 111.77 yesterday and has given up its daily gains. The pair jumped from the low of 108.13 formed before French elections. It is currently t…
USD/JPY hits highest level for this month at 111.77 yesterday and has given up its daily gains. The pair jumped from the low of 108.13 formed before French elections. It is currently trading around 111.41.
The pair has taken support near 110.89 (200- 4H EMA) and any minor weakness can be seen only below that level. Any break below 200- 4 H EMA targets 110.29 (100- 4H EMA)/110.
On the higher side, the pair needs to regain the 112 level for further jump till 113.
Markets await US advance GDP Q-O-Q data for further direction.
Minor trend reversal only below 108.
It is good to buy on dips around 111 with SL around 110.30 for the TP of 112/113.
