USD/JPY New York Price Forecast: Dollar retreating slightly after massive surge last week

USD/JPY is starting the week trading in the red after a large breakout last week.
The correction might lead USD/JPY to trade sideways below the 112.00 figure.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY broke above a bull channel while spiking above the main daily simple moving averages (SMAs). The market is pulling back down after two consecutive days of above-average intraday rallies.

USD/JPY four-hour chart

Dollar/Yen is correcting down after a very volatile last week. The market is challenging the 112.57/91 support zone and a break below it could lead to a deeper retracement to the 110.71 level. Resistance can be found near the 112.00 figure while a daily close above 117.17/110.71 resistance zone would likely see another extension of the bull move towards higher levels, according to the Technical Confluences Indicator.

Resistance: 112.00, 112.57, 112.91

Support: 111.41, 111.17, 110.71

Additional key levels

USD/JPY

Overview
Today last price	111.59
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	111.59

Trends
Daily SMA20	109.8
Daily SMA50	109.54
Daily SMA100	109.11
Daily SMA200	108.41

Levels
Previous Daily High	112.19
Previous Daily Low	111.47
Previous Weekly High	112.23
Previous Weekly Low	109.66
Previous Monthly High	110.29
Previous Monthly Low	107.65
Daily Fibonacci 38.2%	111.75
Daily Fibonacci 61.8%	111.91
Daily Pivot Point S1	111.31
Daily Pivot Point S2	111.04
Daily Pivot Point S3	110.6
Daily Pivot Point R1	112.03
Daily Pivot Point R2	112.47
Daily Pivot Point R3	112.74

Author

Flavio Tosti

Independent Analyst

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