The pair extended its intraday retracement and is currently placed at the lower end of its daily trading range, eroding a part of previous session's strong up-move to over one-week tops. What is next? Gain insight into the following USDJPY technical prediction.
18 October, OctaFX – The US dollar is breaking to the upside against the Japanese yen after the FOMC Meeting Minutes showed the Federal Reserve struck a hawkish tone towards future US rate increases.
USDJPY Technical Prediction
The USDJPY pair is intraday bullish above 112.45 level and supported by a bullish inverted head and shoulders pattern. The Moving Average Convergence Divergence indicator on the four-hour time frame is also starting to trending higher.
- The USDJPY pair is intraday bullish while trading above the 112.45 level, key resistance is found at the 112.90 and 113.20 levels.
- If the USDJPY pair trades below the 112.45 level, intraday sellers may test towards 112.20 and 112.00 support levels.
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