- USD/JPY consolidates the recent losses.
- A downward sloping trend line since January 17 guards immediate upside.
- Technical indicators suggest bearish momentum holding strong despite the pullback.
USD/JPY rises to 109.86, following the uptick to an intra-day high of 109.91, during the early Friday. In doing so, the quote recovers the previous day’s losses while taking a U-turn from 50-bar SMA.
While the current upside rush highlights a monthly falling trend line resistance, at 110.12, the quote’s further advances are likely to be tamed considering bearish MACD and normal RSI.
In a case buyers manage to cross 110.12, January month high near 110.30 holds the key to pair’s run-up towards May 2019 top surrounding 110.70.
On the downside, 50-bar SMA of 109.73 and a horizontal area comprising 38.2% Fibonacci retracement of January month upside near 109.30 can restrict the quote’s short-term declines.
During the pair’s declines below 109.30, 108.70/65 becomes important as it includes an ascending trend line from January month low and 61.8% Fibonacci retracement level.
USD/JPY four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||109.86|
|Today Daily Change||8 pips|
|Today Daily Change %||0.07%|
|Today daily open||109.78|
|Previous Daily High||110.12|
|Previous Daily Low||109.62|
|Previous Weekly High||110.02|
|Previous Weekly Low||108.32|
|Previous Monthly High||110.29|
|Previous Monthly Low||107.65|
|Daily Fibonacci 38.2%||109.81|
|Daily Fibonacci 61.8%||109.93|
|Daily Pivot Point S1||109.56|
|Daily Pivot Point S2||109.34|
|Daily Pivot Point S3||109.06|
|Daily Pivot Point R1||110.06|
|Daily Pivot Point R2||110.34|
|Daily Pivot Point R3||110.57|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.