The pair gave a strong close in yesterday's session. But today the pair during Asia's session was unable to breach the previous high. Hourly tarders can use sl 178.46 selling at cmp 178.35 for a target of 177.50. For an intraday view, the prices are closed below 35DEMA. The prices have been holding 12ema at 178, below this, 177.80 and 177.30 are the major support levels. The pair will face some selling pressure below 177.30 towards 176.65, 176.40 and 175 levels. On the other hand, the pair has resistance at 178.73, above this, it can fly up to 179.90 levels. We can see strong upmove above 179.90 levels.
For the short-term view, the pair managed to breach the 200MSma for the first time in the monthly chart after the 2008 fall. In case of a monthly close above 177.65, 200MSma leads to further bullishness in the short term. If the USD index breaches the $85 mark, the yen will weaken further in the future, that adds bullish outlook in this pair in the short term towards 183 and 185-186. This view adds fuel once the pair is able to close above 200MSma on a monthly basis, still 6 trading days left. The pair has strong support at 170 for the short- and medium- term basis.
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