FxWirePro: USD/JPY pauses decline, scope for further upside
USD/JPY has paused its declined as positive pending home sales data released earlier in the US session limited the pairs downside. Further downside is expected to be limited as the pair finds strong support at 113.79 whi…
USD/JPY has paused its declined as positive pending home sales data released earlier in the US session limited the pairs downside.
Further downside is expected to be limited as the pair finds strong support at 113.79 which should limit further decline and bring rebound towards higher levels in the short term.
Technically the pair is trading above 21 DMA, the RSI in the 4 hour chart is indicating upwards at 62, meanwhile the 55, 30 and 20 MA's are pointing towards higher side. Overall the technical indicators are depicting further uptrend for this pair.
To the upside, the strong resistance can be seen at 113.69, a break above this level would take the pair towards next resistance level at 113.91.
To the downside immediate support can be seen at 113.33, a break below this level will open the door towards next level at 113.07.
