A 2-day rally was rejected at the parallel resistance of 124.45. At yesterday's session, the pair closed below 20Dsma. Ahead of the Japanese CPI data release, the yen is trading higher against USD at today's Asian session. It signals double top at 123.96. In the H1 chart, the pair is moving towards a lower low. Intraday support is found at 123.40. The selling accelerates below 123.30 towards 123.00 or even 122.60. The double bottom is found at 122.48. The price gave an upside breaking above the ascending triangle. Today, the pair is likely to re-test the descending trendline. Until the support holds at 122.50, bulls will target the previous high of 125.60. Bulls closed above 124.50 to aim a new high. The pair has been consolidating for a couple of days finally got broken on the higher side. At yesterday's session, the pair gave a break on the higher side, but it was unable to breach 124.50. For an intraday session, selling opportunity is available below 123.40 with immediate targets at 123.20 and 123.00. The selling accelerates below 123.00 towards 122.70 and 122.50. Buying is available above 124.10 towards 124.40. Strong buying momentum is expected above 124.50 towards 124.65, 125.00, and 125.20. In the extreme case the level of 125.60 could be hit in a day or two if the price closes above 124.50.
To contact the author of this analysis, please email- email@example.com