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USD/JPY Technical Analysis: Ascending triangle breakout & S&P 500 futures favor test of 4H 100EMA

The USD/JPY pair could test the key hurdle at 109.64 as the bullish view put forward by the ascending triangle breakout is backed by the uptick in the S&P 500 futures.

4-hour chart

The previous 4-hour candle closed at 109.36, confirming an ascending triangle breakout, as seen in the above chart. That pattern represents a short-term bearish-to-bullish trend change.

Further, the pair has found acceptance above the 50-candle EMA.

What's more, the S&P 500 futures are reporting a 0.30 percent gain at press time. Put simply, stock markets are likely to trade on the offensive while heading into the weekend. As a result, the anti-risk JPY will likely remain offered.

It is worth noting that the long-term outlook remains bearish while the pair is held below the former support-turned-resistance of the 100-day MA, currently located above 112.00.

Trend: Bullish


    Today Last Price: 109.35
    Today Daily change: 10 pips
    Today Daily change %: 0.101%
    Today Daily Open: 109.24
    Daily SMA20: 109.33
    Daily SMA50: 111.62
    Daily SMA100: 112.07
    Daily SMA200: 111.18
    Previous Daily High: 109.41
    Previous Daily Low: 108.68
    Previous Weekly High: 109.09
    Previous Weekly Low: 107.77
    Previous Monthly High: 113.83
    Previous Monthly Low: 109.55
    Daily Fibonacci 38.2%: 109.13
    Daily Fibonacci 61.8%: 108.96
    Daily Pivot Point S1: 108.81
    Daily Pivot Point S2: 108.38
    Daily Pivot Point S3: 108.08
    Daily Pivot Point R1: 109.54
    Daily Pivot Point R2: 109.84
    Daily Pivot Point R3: 110.27


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