USD/JPY Price Analysis: Sellers remain hopeful until crossing 115.45
|- USD/JPY holds onto previous week’s losses, stays pressured around intraday low of late.
- MACD conditions signal slow grind to the north but 50-SMA, weekly resistance line challenge buyers.
- Monthly support line restricts immediate downside, Fibonacci retracements add to the trading filters.
USD/JPY struggles to regain 115.00, down 0.13% intraday near 114.95 by the press time, despite the recent risk-on mood during Monday’s Asian session.
In doing so, the yen pair extends pullback from the 38.2% Fibonacci retracement (Fibo.) of January-February upside and the 100-SMA.
However, an upward sloping trend line from February 02, close to 114.80 at the latest, restricts the quote’s immediate declines.
Following that, the 50% and 61.8% Fibo. levels, respectively around 114.90 and 114.55, will challenge the USD/JPY bears before directing them to the monthly low of 114.15.
On the flip side, the aforementioned SMA and Fibonacci retracement confluence near 115.25 precede the previous support line from late January, around 115.40, challenges the short-term USD/JPY buyers.
However, a convergence of 50-SMA and a descending trend line from February 10, close to 115.45, will be a tough nut to crack for the bulls.
It’s worth mentioning that the MACD conditions have recently favored the bulls but confirmation is necessary.
USD/JPY: Four-hour chart
Trend: Further declines expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.