USD/JPY Price Analysis: Bounces off intraday low to regain 107.50 as risks dwindle

  • USD/JPY extends recovery from 107.37, still in the red for the second day.
  • 50% Fibonacci retracement guards immediate upside, 21-day EMA offers nearby support.
  • Sideways churn likely to continue amid mixed catalysts.

USD/JPY pulls back from the daily bottom to 107.55 ahead of the European session on Wednesday. In doing so, the yen pair recovers from 21-day EMA while justifying the US dollar pullback amid fresh challenges to the risks.

Increasing odds of fresh sanctions on China recently weigh on the market’s risk-tone, which in turn dims the earlier optimism backed by hopes of the coronavirus (COVID-19) cure and economic restart.

That said, the US dollar index (DXY), a gauge of the greenback versus the major currencies, gains 0.15% from the lowest since May 01, 2020, to 99.15 by the press time.

As a result, the pair buyers may again confront 50% Fibonacci retracement of April-May fall, around 107.70. However, 61.8% Fibonacci retracement near 108.10 will be the key resistance limit to the pair’s further upside.

On the flip side, the quote’s daily closing below 21-day EMA level of 107.40 can aim for 107.00 ahead of resting on 23.6% of Fibonacci retracement near 106.77.

USD/JPY daily chart

Trend: Sideways

Additional important levels

Today last price 107.54
Today Daily Change -0.01
Today Daily Change % -0.01%
Today daily open 107.55
Daily SMA20 107.12
Daily SMA50 107.93
Daily SMA100 108.41
Daily SMA200 108.33
Previous Daily High 107.92
Previous Daily Low 107.4
Previous Weekly High 108.09
Previous Weekly Low 107.04
Previous Monthly High 109.38
Previous Monthly Low 106.36
Daily Fibonacci 38.2% 107.6
Daily Fibonacci 61.8% 107.72
Daily Pivot Point S1 107.33
Daily Pivot Point S2 107.11
Daily Pivot Point S3 106.81
Daily Pivot Point R1 107.85
Daily Pivot Point R2 108.15
Daily Pivot Point R3 108.37



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