Price action has bounced off hourly 200-SMA and cloud, we see scope for test of 38.2% Fib at 112.76.
The S&P 500 0.37% futures have trimmed losses, likely helping the USD/JPY 0.17% regain poise. Improved risk sentiment across the board keeps scope for gains.
The pair finds strong support at 5-DMA and has edged above 21-EMA at 112.57.
Break above 38.2% Fib at 111.76 finds next resistance at 20-DMA -0.01% at 112.95.
On the flip side, 1H 200-SMA is immediate support at 112.32, break below eyes 55-EMA at 112.09.
Support levels - 112.32 (1h 200 SMA ), 112.09 (55-EMA)
Resistance levels - 112.76 (38.2% Fib), 112.95 ( 20-DMA -0.01% )
Good to go long on dips, SL: 112.30, TP: 112.75/ 113
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