USD/JPY Technical Analysis: Bullish flag breakout support prospects for further gain after upbeat US PPI

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   •  Against the backdrop of a strong up-move over the past two trading session, the pair’s intraday slide along a downward sloping trend-channel constituted towards the formation of a bullish flag chart pattern on the short-term chart.

   •  A move beyond the trend-channel resistance was seen as a key trigger for bullish traders, with hotter-than expected US PPI print providing an additional boost and lifting the pair back closer to five-week tops set yesterday.

   •  Given that the pair remains comfortably above important intraday moving averages – 50, 100 & 200-hour SMAs, bullish technical indicators on hourly/daily charts further support prospects for an extension of the positive move.

   •  Hence, a follow-through up-move, led by some fresh technical selling on a sustained move beyond the 114.00 handle, now looks a distinct possibility and could lift the pair further towards Oct. swing high, around the 114.50-55 region.
 

USD/JPY 15-mins chart


	USD/JPY Technical Analysis: Bullish flag breakout support prospects for further gain after upbeat US PPI

USD/JPY

Overview:
    Last Price: 113.92
    Daily change: -7.0 pips
    Daily change: -0.0614%
    Daily Open: 113.99
Trends:
    Daily SMA20: 112.7
    Daily SMA50: 112.53
    Daily SMA100: 111.83
    Daily SMA200: 110.02
Levels:
    Daily High: 114.02
    Daily Low: 113.48
    Weekly High: 113.4
    Weekly Low: 111.78
    Monthly High: 114.56
    Monthly Low: 111.38
    Daily Fibonacci 38.2%: 113.81
    Daily Fibonacci 61.8%: 113.68
    Daily Pivot Point S1: 113.64
    Daily Pivot Point S2: 113.28
    Daily Pivot Point S3: 113.09
    Daily Pivot Point R1: 114.18
    Daily Pivot Point R2: 114.37
    Daily Pivot Point R3: 114.73

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