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USD/JPY London Price Forecast: Greenback sidelined above 110.00 vs. yen

  • USD/JPY is evolving in a rising wedge formation. 
  • Resistance is at 110.35 while support is seen at the 110.05 level. 

USD/JPY daily chart

USD/JPY is consolidating its January spike above the 110.00 line and the main simple moving averages (SMAs). The market is trading near its highest since mid-May 2019. 
 

USD/JPY four-hour chart

USD/JPY is trading in a wedge-shaped pattern while above the main SMAs. If the bulls fail to regain the 110.35 level, the market can remain sideways with increasing odds for a potential down move. If the bears breach 110.05 support, the spot could decline towards the 109.85 and 109.55 levels, according to the Technical Confluences Indicator. On the flip side, a break above 110.35 can open the gates to 110.52 and 110.69. 
 
 

Additional key levels 

USD/JPY

Overview
Today last price 110.18
Today Daily Change 0.03
Today Daily Change % 0.03
Today daily open 110.15
 
Trends
Daily SMA20 109.26
Daily SMA50 109.09
Daily SMA100 108.53
Daily SMA200 108.57
 
Levels
Previous Daily High 110.3
Previous Daily Low 110.05
Previous Weekly High 110.3
Previous Weekly Low 109.46
Previous Monthly High 109.8
Previous Monthly Low 108.43
Daily Fibonacci 38.2% 110.2
Daily Fibonacci 61.8% 110.14
Daily Pivot Point S1 110.03
Daily Pivot Point S2 109.92
Daily Pivot Point S3 109.79
Daily Pivot Point R1 110.28
Daily Pivot Point R2 110.41
Daily Pivot Point R3 110.53

 

 

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