USD/JPY Price Analysis: Bounces off 50-bar SMA with limited upside scope

  • 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
Daily SMA20 109.51
Daily SMA50 109.32
Daily SMA100 108.92
Daily SMA200 108.38
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



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