24 August USDJPY Technical Analysis: Pair is supported by rising MACD


The USDJPY pair is steadily rising across the four-hour time frame. What else do technical indicators on the hourly charts reveal? Peer into the following 24 August USDJPY Technical Analysis.

24 August, OctaFX – The pair built on the overnight bullish break through a short-term descending trend-line hurdle and climbed to near three-week highs on Friday.

24 August USDJPY Technical Analysis

The up-move now seems to have paused at an important resistance near mid-111.00s, also coinciding with 50% Fibonacci retracement level of the 113.18-109.77 recent slide. 

Technical indicators on hourly charts are holding in bullish territory and have also started to turn positive on the daily chart.

Hence, dips back towards the 111.00 handle are more likely to be utilized as an opportunity to initiate fresh bullish positions and hence, should help limit any immediate downside.

USDJPY 4-hourly chart

Spot Rate: 111.36

Daily High: 111.49

Daily Low: 111.23

Trend: Bullish 

Resistance

R1: 111.49 (current day swing high)

R2: 111.87 (R2 daily pivot-point)

R3: 112.15 (monthly high set on Aug. 1)

Support

S1: 111.07 (38.2% Fibo. level)

S2: 110.75 (S1 daily pivot-point)

S3: 110.52 (overnight swing low)

Disclaimer

This article about 24 August USDJPY Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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