ByLCMS Traders FX Analysis Team
MAY 13, 2021
USD/JPY gained nearly 90 pips on Wednesday following a rebound in the USD. The pair is currently trading at 109.68 with immediate support levels at 109.44 and 109.26. The intraday resistance levels are at 109.88 and 110.26.
On the intraday charts, a bullish moving average crossover is in the making which is likely to help bulls breach above 110.00. The pair is also above the mid-Bollinger band which is at 108.71 while the upper and lower bands are at 109.80 and 107.62 respectively. The RSI is at 59 and the MACD is above the zero line. Following the intraday and 4-hourly price patterns the pair is currently good to buy near 109.45 with a target of 50 to 60 pips and a stop-loss at 109.20.
An intraday closing below 109.20 would prevent bulls from gaining further strength and bears would be able to drag the price further lower towards the end of this week.
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