USDJPY Intraday Bullish Above 112.45


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.

Disclaimer

This article was provided by OctaFX. It should NOT 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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