USD/JPY breaks major support at 113.45, good to sell rallies
USD/JPY has been trading a rising wedge pattern and has broken strong support at 113.45 (wedge base).
The pair has hit lows of 112.74 and has edged slightly higher to currently trade around 113 levels.
Poor Chinese trade data underpinned the yen, pair to next support at 112.60 and further weakness could see 112.15 levels.
The major embarked upon the recovery mode amid a minor rebound seen in the Asian equities, but Chinese trade numbers will continue to weigh.
On the topside we see immediate resistance at 113.31 (10-DMA) and then at 113.35 (21-DMA).
Good to sell rallies around 113 levels, SL: 113.50, TP: 112.60/112.15
The pair has hit lows of 112.74 and has edged slightly higher to currently trade around 113 levels.
Poor Chinese trade data underpinned the yen, pair to next support at 112.60 and further weakness could see 112.15 levels.
The major embarked upon the recovery mode amid a minor rebound seen in the Asian equities, but Chinese trade numbers will continue to weigh.
On the topside we see immediate resistance at 113.31 (10-DMA) and then at 113.35 (21-DMA).
Good to sell rallies around 113 levels, SL: 113.50, TP: 112.60/112.15
