- USD/JPY recovers from intraday low, bounces off three-day-old support line.
- Bearish MACD signals, one-week-old ascending trend line challenge buyers.
- 200-HMA, 134.50 act as the additional downside filters.
USD/JPY picks up bids to 137.40 as it pares intraday losses during early Friday morning in Europe. In doing so, the Yen pair bounces off an upward-sloping support line from Tuesday.
That said, the recovery moves currently aim for the ascending resistance line from December 07, close to 138.10. However, bearish MACD signals and the stated hurdle could challenge the pair’s further upside.
In a case where the USD/JPY pair stays firmer past 138.10, the 139.00 round figure and the November-end swing high near 139.90 could challenge the bulls.
It’s worth noting that the 140.00 round figure acts as the last defense of the pair bears.
Alternatively, a downside break of the aforementioned immediate support line, close to 137.25 by the press time, isn’t an open ticket to the USD/JPY bears as the 200-HMA support around 136.55 could challenge the quote’s further downside.
Following that, the weekly low around 134.50 may probe the USD/JPY bears before directing them to the monthly bottom around 133.60.
If at all the Yen pair remains bearish past 133.60, the odds of witnessing a south-run towards May’s high near 131.30 can’t be ruled out.
USD/JPY: Hourly chart
Trend: Limited recovery expected
Additional important levels
|Today last price||137.4|
|Today Daily Change||-0.26|
|Today Daily Change %||-0.19%|
|Today daily open||137.66|
|Previous Daily High||138.18|
|Previous Daily Low||135.23|
|Previous Weekly High||137.86|
|Previous Weekly Low||134.13|
|Previous Monthly High||148.82|
|Previous Monthly Low||137.5|
|Daily Fibonacci 38.2%||137.05|
|Daily Fibonacci 61.8%||136.36|
|Daily Pivot Point S1||135.87|
|Daily Pivot Point S2||134.08|
|Daily Pivot Point S3||132.92|
|Daily Pivot Point R1||138.81|
|Daily Pivot Point R2||139.97|
|Daily Pivot Point R3||141.76|
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
GBP/USD stabilizes above 1.2300 on BOE day
Following a pullback with the initial reaction to the Bank of England's policy announcements, GBP/USD has regained its traction and climbed above 1.2300. The pair remains on track to post gains for the second straight day as the US Dollar struggles to find demand.
EUR/USD clings to gains near 1.0900 as USD remains weak
EUR/USD has regained its traction and climbed to the 1.0900 area in the American session following a technical correction early in the day. The persistent US Dollar weakness amid improving risk mood allows the pair to keep its footing in the second half of the day.
Gold gains traction, climbs to $1,980 as US yields edge lower
Gold price has gathered bullish momentum and climbed to $1,980 area in the American session. The benchmark 10-year US T-bond yield retreated below 3.5% following the rebound witnessed earlier in the day, helping XAU/USD stay in positive territory.
Breaking: Terraform Labs founder Do Kwon arrested in Montenegro: Interior minister
Terraform Labs' founder Do Kwon is arrested, according to Minister of Interior of Montenegro Filip Adzic. This is a developing story and will updated
Ford (F) Stock News and Forecast: $3 billion EV loss leads shares to advance
Ford (F) stock is demonstrating on Thursday exactly why automotive C suites are pivoting to electric vehicles. It is not because of the environment or due to easy profits. It is because the market likes it.