USD/JPY Price Analysis: 200-SMA, immediate support line defend bulls

USD/JPY steps back from intraday top while marking indecisiveness on a third consecutive day off in Japan.
Normal RSI conditions keep buyers hopeful unless breaking immediate key supports.
Monthly horizontal area becomes a crucial hurdle to the north.

Anil Panchal FXStreet

USD/JPY eases to 109.35, revisiting the day’s opening levels, amid early Wednesday. Even so, the yen pair remains above 200-SMA and an ascending support line from April 26 to keep the buyers hopeful amid a quiet session in Asia, mainly due to holidays in China and Japan.

The RSI line’s steady moves above 50.00 also back the USD/JPY bulls targeting 109.50 nearby resistance.

Though, 61.8% Fibonacci retracement of March-April downside and a horizontal area comprising multiple tops marked since early April, respectively around 109.60 and 109.70-75, will be tough nuts to crack for the pair before confirming further upside.

Meanwhile, a 50% Fibonacci retracement level of 109.22 can restrict further declines ahead of highlighting the 109.17-13 support zone that includes the stated SMA and rising trend line.

Overall, USD/JPY remains lackluster but well in the vicinity of buyer’s catch.

USD/JPY four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	109.33
Today Daily Change	-0.02
Today Daily Change %	-0.02%
Today daily open	109.35

Trends
Daily SMA20	108.8
Daily SMA50	108.73
Daily SMA100	106.45
Daily SMA200	105.82

Levels
Previous Daily High	109.49
Previous Daily Low	109.03
Previous Weekly High	109.37
Previous Weekly Low	107.64
Previous Monthly High	110.85
Previous Monthly Low	107.48
Daily Fibonacci 38.2%	109.31
Daily Fibonacci 61.8%	109.21
Daily Pivot Point S1	109.09
Daily Pivot Point S2	108.83
Daily Pivot Point S3	108.63
Daily Pivot Point R1	109.55
Daily Pivot Point R2	109.75
Daily Pivot Point R3	110.01

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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