USD/JPY Price Analysis: Breaks monthly resistance to refresh weekly top above 104.00

USD/JPY eases from intraday high, keeps trend line breakout.
Bullish MACD, sustained break of previous resistance eyes 50-day SMA.
Three-week-old horizontal support restricts short-term downside.

Anil Panchal FXStreet

USD/JPY cools down from a weekly high of 104.50 to 104.40, still up 0.18% intraday, during the pre-European open trading on Thursday. The pair recently pierced a downward sloping trend line from November 11 while printing a three-day winning streak.

Not only the upside break of the previous resistance line but bullish MACD also directs USD/JPY buyers toward the 50-day SMA level of 104.71.

It should, however, be noted that the monthly top near 104.75 will add filters to the quote’s upside past-50-day SMA.

Meanwhile, failures to keep the trend line breakout, at 104.38 now, on a daily closing basis can recall the 104.00 threshold back to the charts.

Though, multiple lows marked since November 18, near 103.70/65, will be a tough nut to crack for USD/JPY sellers past-104.00.

USD/JPY daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	104.38
Today Daily Change	0.18
Today Daily Change %	0.17%
Today daily open	104.2

Trends
Daily SMA20	104.27
Daily SMA50	104.74
Daily SMA100	105.26
Daily SMA200	106.4

Levels
Previous Daily High	104.4
Previous Daily Low	104.05
Previous Weekly High	104.75
Previous Weekly Low	103.67
Previous Monthly High	105.68
Previous Monthly Low	103.18
Daily Fibonacci 38.2%	104.27
Daily Fibonacci 61.8%	104.19
Daily Pivot Point S1	104.04
Daily Pivot Point S2	103.87
Daily Pivot Point S3	103.68
Daily Pivot Point R1	104.39
Daily Pivot Point R2	104.57
Daily Pivot Point R3	104.74

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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