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
R1: 111.49 (current day swing high)
R2: 111.87 (R2 daily pivot-point)
R3: 112.15 (monthly high set on Aug. 1)
S1: 111.07 (38.2% Fibo. level)
S2: 110.75 (S1 daily pivot-point)
S3: 110.52 (overnight swing low)
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