- USD/JPY regains some positive traction on Thursday.
- The technical set-up remains tilted in favour of bulls.
Following the previous session's brief pause, the USD/JPY pair regained some positive traction on Thursday and remained well within the striking distance of multi-month tops set earlier this week.
Given that the overnight modest pullback attracted some dip-buying near the 109.70 strong horizontal resistance breakpoint now turned support, the set-up remains tilted in favour of bullish traders.
Moreover, the fact that the pair remains above its important moving averages – 50, 100 & 200-day SMA – further adds credence to the constructive outlook and support prospects for additional gains.
With oscillators on the daily chart holding in the positive territory, some follow-through buying has the potential to lift the pair to a five-month-old ascending trend-line resistance near the 110.80 region.
On the flip side, the 109.70 region might continue to protect the immediate downside, which if broken might negate the near-term bullish bias and prompt some aggressive long-unwinding trade.
The pair then might accelerate the corrective slide further towards the 109.35 intermediate horizontal support before eventually dropping to challenge the 50-day SMA support near the 109.00 handle.
USD/JPY daily chart
|Today last price||109.98|
|Today Daily Change||0.09|
|Today Daily Change %||0.08|
|Today daily open||109.89|
|Previous Daily High||110.02|
|Previous Daily Low||109.78|
|Previous Weekly High||109.69|
|Previous Weekly Low||107.65|
|Previous Monthly High||109.8|
|Previous Monthly Low||108.43|
|Daily Fibonacci 38.2%||109.87|
|Daily Fibonacci 61.8%||109.93|
|Daily Pivot Point S1||109.78|
|Daily Pivot Point S2||109.67|
|Daily Pivot Point S3||109.55|
|Daily Pivot Point R1||110.01|
|Daily Pivot Point R2||110.13|
|Daily Pivot Point R3||110.24|
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