USD/JPY Price Analysis: Bulls gearing up for a move towards multi-month ascending trend-line


  • 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

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USD/JPY

Overview
Today last price 109.98
Today Daily Change 0.09
Today Daily Change % 0.08
Today daily open 109.89
 
Trends
Daily SMA20 109.18
Daily SMA50 109.05
Daily SMA100 108.46
Daily SMA200 108.58
 
Levels
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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