USD/JPY technical analysis: Rebounds from daily lows, lots of resistance ahead

08/09/2019 17:55:12 GMT|ByFlavio Tosti

USD/JPY is under bearish pressure at multi-month lows.
Bulls are attempting a rebound, but there is a lot of resistance to be overcome.

USD/JPY daily chart

USD/JPY is off multi-month lows while trading well below its main daily simple moving averages (DSMAs). Trade war news and US yields mainly influence USD/JPY price action.

USD/JPY 4-hour chart

USD/JPY is rebounding from a critical support at the 105.30 level. A break below this level would likely open the doors to a significant move down towards 104.65, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

Bulls are attempting to create some traction but they have a lot of resistance to overcome if they want to get out of the woods. The 105.69 resistance followed by 105.91 and 106.13 need to be taken out. After which 106.30 and 106.57 resistances can come into play, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	105.64
Today Daily Change	-0.43
Today Daily Change %	-0.41
Today daily open	106.07

Trends
Daily SMA20	107.67
Daily SMA50	107.96
Daily SMA100	109.39
Daily SMA200	110.31

Levels
Previous Daily High	106.3
Previous Daily Low	105.89
Previous Weekly High	109.32
Previous Weekly Low	106.5
Previous Monthly High	109.01
Previous Monthly Low	107.21
Daily Fibonacci 38.2%	106.05
Daily Fibonacci 61.8%	106.15
Daily Pivot Point S1	105.88
Daily Pivot Point S2	105.68
Daily Pivot Point S3	105.46
Daily Pivot Point R1	106.29
Daily Pivot Point R2	106.5
Daily Pivot Point R3	106.7

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