USD/JPY Technical Analysis: Bulls defend 200-hour SMA/61.8% Fibo. confluence support, at least for now
|• The pair extended the overnight dismal US data-led retracement slide from YTD tops and remained under some selling pressure for the second consecutive session on Friday.
• The downward momentum has now dragged the pair closer to confluence support, comprising of 200-hour SMA and 61.8% Fibo. level of the 109.61-111.13 recent leg of an up-move.
• Technical indicators on the 4-hourly chart have just started gaining negative momentum but are on the verge of dropping into the oversold zone on the 1-hourly chart, warranting some caution.
• Hence, traders are likely to wait for a sustained break below the mentioned support before positioning for any further near-term downside amid bullish oscillators on the daily chart.
USD/JPY 1-hourly chart
USD/JPY
Overview:
Today Last Price: 110.33
Today Daily change %: -0.17%
Today Daily Open: 110.52
Trends:
Daily SMA20: 109.78
Daily SMA50: 110.21
Daily SMA100: 111.65
Daily SMA200: 111.3
Levels:
Previous Daily High: 111.13
Previous Daily Low: 110.45
Previous Weekly High: 110.16
Previous Weekly Low: 109.43
Previous Monthly High: 110
Previous Monthly Low: 104.75
Daily Fibonacci 38.2%: 110.71
Daily Fibonacci 61.8%: 110.87
Daily Pivot Point S1: 110.27
Daily Pivot Point S2: 110.02
Daily Pivot Point S3: 109.6
Daily Pivot Point R1: 110.95
Daily Pivot Point R2: 111.38
Daily Pivot Point R3: 111.62
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