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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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