USD/JPY extends bullish gap open, stay long : FxWirePro | December 4, 2017

USD/JPY 0.65% struggles to extend bullish gap open, Doji formation seen on the daily candle.

Price action hovers around 50-DMA at 112.81, further upside likely on decisive break above.

Technical studies are biased higher, RSI points north and is gaining traction above 50 levels.

Stochs are sharply higher and MACD is on verge of a bullish crossover on signal line.

Break above 50-DMA finds next immediate resistance at 113.25 (61.8% Fib retrace of 114.737 to 110.843 fall).

On the flipside, 20-DMA at 112.54 is immediate support, break below will see test of 5-DMA at 112.17 (5-DMA).

Support levels - 112.54 (20-DMA), 112.17 (5-DMA), 111.90 (38.2% Fib of 107.318 to 114.737 rally)

Resistance levels - 112.98 (23.6% Fib of 107.318 to 114.737 rally), 113.25 (61.8% Fib retrace of 114.737 to 110.843 fall), 113.91 (Nov 14 high)

Good to go long no decisive break above 50-DMA, SL: 112.15, TP: 113/ 113.25/ 113.90