USD/JPY made a high in mid-October at 114.701 that was just shy of the November 2017 peak of 114.735. These 2 levels may offer resistance on a move higher. A recent high at 114.450 could offer resistance ahead of them.
Support might be at last weeks’ low of 112.727 and below that, there are 2 pivot points at 112.079 and 110.802 that are potential support. Further down, previous lows a 109.113 and 108.723 are potential support levels.
A bullish triple moving average (TMA) formation requires the price to be above the short term simple moving average (SMA), the latter to be above the medium term SMA and the medium term SMA to be above the long term SMA. All SMAs also need to have a positive gradient.
The market is above the 10, 55 and 200-day SMAs and the 55 and 200-day SMAs have a positive gradient. However, the 10-day SMA has a slightly negative slope. If the price remains above the 10-day SMA, then it will turn positive, and a bullish TMA formation could be observed.
It should be noted though that past performance is not indicative of future results.
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