USD/JPY Price Analysis: 50-DMA defends buyers above 113.00

USD/JPY struggles around two-week low after dropping the most since March 2020.
50-DMA, previous resistance line from March restrict short-term downside.
October’s top acts as extra upside filter ahead of the latest multi-month peak.

Anil Panchal FXStreet

USD/JPY remains pressured around a 13-day-low, reversing the early Asian rebound ahead of Monday’s European session.

The yen pair sellers cheered broad risk-off mood the previous day to break an ascending support line from late September, now resistance around 114.00.

The downside, however, witnesses a steady RSI line and the 50-DMA level near 113.15 as immediate challenges to tackle.

Even if the USD/JPY sellers break 113.15 DMA support, the resistance-turned-support line from March 2021, close to 112.80, will precede September’s peak of 112.00 to challenge the pair’s further weakness.

Alternatively, a clear upside break of the immediate resistance line, previous support around 114.10, will direct USD/JPY bulls towards the last month’s high surrounding 114.70.

Should the pair buyers keep reins past 114.40, the 115.00 threshold and the recent high near 115.50 can test the advances.

USD/JPY: Daily chart

Trend: Recovery moves expected

Additional important levels

Overview
Today last price	113.17
Today Daily Change	0.04
Today Daily Change %	0.04%
Today daily open	113.13

Trends
Daily SMA20	114.12
Daily SMA50	113.08
Daily SMA100	111.49
Daily SMA200	110.34

Levels
Previous Daily High	115.4
Previous Daily Low	113.05
Previous Weekly High	115.52
Previous Weekly Low	113.05
Previous Monthly High	114.7
Previous Monthly Low	110.82
Daily Fibonacci 38.2%	113.95
Daily Fibonacci 61.8%	114.5
Daily Pivot Point S1	112.32
Daily Pivot Point S2	111.51
Daily Pivot Point S3	109.96
Daily Pivot Point R1	114.67
Daily Pivot Point R2	116.21
Daily Pivot Point R3	117.03

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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