FxWirePro: USD/JPY faces strong resistance around 100- EMA, break above targets 113
USD/JPY shown a huge jump from the low of 108.13 made on Apr 17th 2017 .The pair hits 111.48 at the time of writing .It is currently trading around 111.48. Yen slips to two week low as risk appetite eases after French el…
USD/JPY shown a huge jump from the low of 108.13 made on Apr 17th 2017 .The pair hits 111.48 at the time of writing .It is currently trading around 111.48.
Yen slips to two week low as risk appetite eases after French election result. BOJ is expected to keep the interest rates unchanged at its policy meeting ending early Thursday.
Technically reversal is expected to happen if it breaks above 100- EMA in the daily chart. Any break above 111.50 (100- EMA) will take the pair till 112.19 (Mar 31st 2017)/113.38 (50% retracement of 118.61 and 108.13).
On the lower side, any break below 110.70 will drag the pair till 110.15 (21- EMA)/109.40 (61.8% retracement of 108.13 and 111.50).
It is good to buy above 111.50 with SL around 110.70 for the TP of 113.
