USD/JPY Technical Analysis: Set-up favours a move towards 55-DMA/61.8% Fibo. confluence hurdle
|• The pair finally broke out of its multi-day consolidative trading range, held over the past one week or so, and jumped to fresh YTD tops during the mid-European session on Monday.
• A sustained move beyond the key 110.00 psychological mark was seen as a key trigger for intraday bullish traders and the latest leg of a sudden pickup over the past couple of hours.
• Technical indicators on the 4-hourly chart maintained their bullish bias and have also started gaining positive traction on the daily chart, supporting an extension of the positive momentum.
• The set-up now favours a move towards challenging an important confluence resistance - comprising of 55-day SMA and 61.8% Fibonacci retracement level of the 114.21-104.69 downfall.
• Despite the constructive outlook, slightly overbought conditions on the 1-hourly chart might turn out to be the only factor keeping a lid on any further up-move amid the prevalent risk-off mood.
USD/JPY daily chart
USD/JPY
Overview:
Today Last Price: 110.19
Today Daily change %: 0.36%
Today Daily Open: 109.8
Trends:
Daily SMA20: 109.42
Daily SMA50: 110.41
Daily SMA100: 111.74
Daily SMA200: 111.27
Levels:
Previous Daily High: 109.9
Previous Daily Low: 109.65
Previous Weekly High: 110.16
Previous Weekly Low: 109.43
Previous Monthly High: 110
Previous Monthly Low: 104.75
Daily Fibonacci 38.2%: 109.74
Daily Fibonacci 61.8%: 109.8
Daily Pivot Point S1: 109.66
Daily Pivot Point S2: 109.53
Daily Pivot Point S3: 109.41
Daily Pivot Point R1: 109.92
Daily Pivot Point R2: 110.03
Daily Pivot Point R3: 110.17
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