USD/JPY Technical Analysis: triangle breakout favors re-test of 110.00

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USD/JPY's bullish exit from the contracting triangle indicates scope for a test of supply around the psychological hurdle of 110.00. As of writing, the pair is trading at 109.75. 

Hourly chart


	USD/JPY Technical Analysis: triangle breakout favors re-test of 110.00

  • The triangle breakout validates the bullish view put forward by the channel breakout witnessed on Jan. 22. 
  • The bull breakout is backed by an above-50 reading above the 14-day relative strength index (RSI) and ascending 50- and 100-hour moving averages (MAs). 
  • The pair, therefore, could rise to 110.00. The bullish case would weaken if the spot falls back below the previous day's low of 109.42.

Trend: bullish

USD/JPY

Overview:
    Today Last Price: 109.74
    Today Daily change: 0.13 pips
    Today Daily change %: 0.12%
    Today Daily Open: 109.61
Trends:
    Daily SMA20: 109.02
    Daily SMA50: 111.21
    Daily SMA100: 112
    Daily SMA200: 111.24
Levels:
    Previous Daily High: 109.8
    Previous Daily Low: 109.42
    Previous Weekly High: 109.9
    Previous Weekly Low: 107.99
    Previous Monthly High: 113.83
    Previous Monthly Low: 109.55
    Daily Fibonacci 38.2%: 109.57
    Daily Fibonacci 61.8%: 109.66
    Daily Pivot Point S1: 109.42
    Daily Pivot Point S2: 109.23
    Daily Pivot Point S3: 109.04
    Daily Pivot Point R1: 109.8
    Daily Pivot Point R2: 109.99
    Daily Pivot Point R3: 110.18

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