USD/JPY is grinding higher on the daily chart, although it seems wary of the 200-day MA overhead. But at the same time, it looks as though it at least wants to test it (and is sat near the daily R1 pivot).
Prices have pulled back on the 1-hour chart in a corrective fashion, and the corrective lows found support at the 50-hour EMA and a previous swing high. Prices are also trying to hold above the daily pivot points.
- The bias is for an upside break due to the underlying trend, and that is something a strong ISM services report later today could help with.
- The initial target is 137, ahead of the daily R1 / 200-day MA,
- The bias remains bullish above 137.40
Prices have pulled back on the 1-hour chart in a corrective fashion, and the corrective lows found support at the 50-hour EMA and a previous swing high. Prices are also trying to hold above the daily pivot points.
- The bias is for an upside break due to the underlying trend, and that is something a strong ISM services report later today could help with.
- The initial target is 137, ahead of the daily R1 / 200-day MA,
- The bias remains bullish above 137.40
