The USD/JPY has bounced from OUR Identified Support zone on a 60 minute time frame. The support zone was provided in our analysis on Friday. The pair moved nearly 185 pips in profit when the risk was only 11 pips, and then retraced back but still in profit of 61 pips. The price has been pushed by its 50 day and 100 day moving averages, which have acted as a resistance. However, it is important for the pair to break its 50 day and 100 day moving averages if it is going to continue its move towards the upside and a break of its minor resistance zone (mentioned below) will be a further confirmation of upward trend picking up steam.
The RSI and the MCAD indicators are trading in line with the price action which means that while the price is making the higher high, the indicators are confirming the momentum.
116.47- 116.31 Major Support
117.01-116.90 Minor Support
118.85-118.71 Minor Resistance
119.31-119.15 Major Resistance