USD/JPY Technical Analysis: Head-and-Shoulders can halt the bullish momentum for now

57
  • USD/JPY is in a strong bull trend as it is trading above its 50, 100 and 200-period simple moving average. 
  • USD/JPY might be set for a corrective move down as a head-and-shoulders pattern is in the making. The RSI, MACD and Stochastics indicators are also losing steam.
  • The current context suggests that a pullback down to 113.55 (October 2 low) and possibly to 113.18 can be next.

USD/JPY 4-hour chart


	USD/JPY Technical Analysis: Head-and-Shoulders can halt the bullish momentum for now

Spot rate:                         113.71
Relative change:             -0.17%     
High:                                114.12
Low:                                 113.68

Main trend:               Bullish

Resistance 1:    114.00 figure
Resistance 2:    114.80 November 2017 high
Resistance 3:    115.50 March 10, 2017 high 

Support 1:    113.55 October 2 low
Support 2:    113.18, July high 
Support 3:    112.50 figure
Support 4:    112.00-112.17 zone, figure and August 1 swing high
Support 5:    111.84 August 29 swing high

LEAVE A REPLY

Please enter your comment!
Please enter your name here