USD/JPY Price Analysis: Bulls battle seven-week-old hurdle around 107.00


  • USD/JPY stays firm near the highest since July 2020.
  • Overbought RSI, bearish MACD probe buyers near the upper line of an ascending trend channel.
  • Buyers aim for July top, 200-bar SMA adds to the downside filters.

USD/JPY remains positive for the second consecutive day while attacking the July 2020 peak, market the previous day, during early Thursday. However, the upper line of a rising trend channel formation since January 11 joins RSI and MACD to probe the bulls around 107.087, up 0.10% intraday.

As a result, USD/JPY sellers are waiting for a pullback move below the weekly support line, at 106.80 now, to take a risky bet while targeting the mid-February top near 106.20.

In a case where the quote drops below 106.20, February 05 high near 105.75 and the stated channel’s support line near 105.45 will be the key.

It’s worth mentioning that any further weakness past-105.45 needs to break the 200-bar SMA level of 105.09 before reversing the current uptrend.

On the flip side, the July 20 peak of 107.54 and the eight-month high near 108.15 should lure the USD/JPY buyers if they manage to cross the 107.15 immediate hurdle.

Overall, USD/JPY remains in an uptrend but a pullback can’t be ruled out.

USD/JPY four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 107.08
Today Daily Change 0.10
Today Daily Change % 0.09%
Today daily open 106.98
 
Trends
Daily SMA20 105.64
Daily SMA50 104.55
Daily SMA100 104.45
Daily SMA200 105.44
 
Levels
Previous Daily High 107.16
Previous Daily Low 106.68
Previous Weekly High 106.69
Previous Weekly Low 104.92
Previous Monthly High 106.69
Previous Monthly Low 104.41
Daily Fibonacci 38.2% 106.97
Daily Fibonacci 61.8% 106.86
Daily Pivot Point S1 106.73
Daily Pivot Point S2 106.47
Daily Pivot Point S3 106.25
Daily Pivot Point R1 107.2
Daily Pivot Point R2 107.41
Daily Pivot Point R3 107.67

 

 

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