Technicals

Add as a preferred source on Google

FxWirePro: USD/JPY finds support at 113.40, eyes 114.50 levels

The USD/JPY pair rallied initially to test resistance level at 114.21 in the early European session. However, after failing to break resistance level at 21, the pair has slipped back towards 112.55 levels. The pair remai…

1 min read
EconoTimes — Reading the Times. Understanding the Future.

Read the original article

The USD/JPY pair rallied initially to test resistance level at 114.21 in the early European session. However, after failing to break resistance level at 21, the pair has slipped back towards 112.55 levels. 

  • The pair remains under bulls control unless until it trades above 112.80 support level, therefore it is good to buy this pair around 112.80 levels.
     
  • To the upside, the strong resistance can be seen at 114.00, a break above this level would take the pair all the way towards 114.75 levels.
     
  • To the downside immediate support can be seen 113.40, a break below this level will take the pair to next level at 113.21.

    Recommendation: Go long around 112.80, targets 113.80, 114.50, SL 112.00

    Resistance Levels

    R1: 114.00 (38.2% Retracement level)

    R2: 114.21 (Daily high)

    R3: 114.75 (23.6% Retracement level)

    Support Levels

    S1: 113.40 (50% Retracement level)

    S2: 113.21 (Session lows)

    S3: 112.80 (61.8% Retracement level)

 

 

 

 

 

 

 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560