USD/JPY Price Analysis: 21-DMA guards immediate upside

USD/JPY struggles with short-term moving average to extend post-Fed gains.
Clear break of three-week-old resistance line keeps buyers hopeful to challenge November 2021 top.
Downbeat Momentum line probes the pair’s further upside.
100-DMA, 50% Fibonacci retracement act as strong supports.

Anil Panchal FXStreet

USD/JPY buyers attack 21-DMA to extend Fed-led gains during early Thursday.

The yen pair crossed a downward sloping resistance line from January 04, now support around 114.15, to refresh weekly high near 114.78. However, failures to cross the 21-DMA dragged the quote back to 114.65-60 by the press time.

In addition to the failures of the cross the 21-DMA, the downbeat Momentum line also probes USD/JPY buyers until the quote stays below 114.80 level comprising the stated short-term moving average.

If at all USD/JPY rises past 114.80, November’s peak of 115.52 and monthly top near 116.35 will be in focus.

Alternatively, pullback moves may initially aim for the previous resistance line near 114.15, a break of which will direct USD/JPY prices towards 38.2% Fibonacci retracement (Fibo.) level of September 2021 to January 2022 upside, at 113.60.

Though, the pair’s downside past 113.60 will be difficult as the 100-DMA and 50% Fibo., respectively around 113.40 and 112.75, appear tough nuts to crack for the pair bears.

USD/JPY: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	114.66
Today Daily Change	0.06
Today Daily Change %	0.05%
Today daily open	114.6

Trends
Daily SMA20	114.82
Daily SMA50	114.31
Daily SMA100	113.36
Daily SMA200	111.56

Levels
Previous Daily High	114.69
Previous Daily Low	113.78
Previous Weekly High	115.06
Previous Weekly Low	113.6
Previous Monthly High	115.21
Previous Monthly Low	112.56
Daily Fibonacci 38.2%	114.34
Daily Fibonacci 61.8%	114.13
Daily Pivot Point S1	114.02
Daily Pivot Point S2	113.44
Daily Pivot Point S3	113.1
Daily Pivot Point R1	114.93
Daily Pivot Point R2	115.27
Daily Pivot Point R3	115.85

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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