USD/JPY Price Analysis: Bulls in control near monthly tops, around 109.00 mark

  • USD/JPY built on this week’s positive move for the third straight session on Thursday.
  • The near-term technical set-up support prospects for an extension of the positive move.

The USD/JPY pair continued gaining traction for the third consecutive session on Thursday and climbed further beyond the 109.00 mark, hitting fresh monthly tops in the last hour.

A sustained move beyond the previous monthly swing highs, around mid-108.00s, was seen as a key trigger for bullish traders amid a strong bullish sentiment surrounding the USD.

Looking at a slightly broader picture, the recent recovery from multi-year lows has been along a short-term ascending trend-channel, which supports prospects for additional gains.

This coupled with the fact that technical indicators on the daily chart have just started gaining positive momentum further add credence to the near-term constructive outlook.

Currently hovering around 100-day SMA, the pair now seems all set to continue with its appreciating move towards testing its next resistance near the 109.60 horizontal zone.

The momentum could further get extended towards reclaiming the key 110.00 psychological mark en-route the trend-channel resistance, currently near the 110.80-85 region.

On the flip side, the 108.50 level now seems to protect the immediate downside, below which the pair could slide back towards challenging the 108.00 round-figure mark.

USD/JPY 1-hourly chart


Technical levels to watch


Today last price 109.09
Today Daily Change 1.01
Today Daily Change % 0.93
Today daily open 108.08
Daily SMA20 107.71
Daily SMA50 108.88
Daily SMA100 108.91
Daily SMA200 108.25
Previous Daily High 108.66
Previous Daily Low 106.76
Previous Weekly High 108.51
Previous Weekly Low 101.18
Previous Monthly High 112.23
Previous Monthly Low 107.51
Daily Fibonacci 38.2% 107.93
Daily Fibonacci 61.8% 107.48
Daily Pivot Point S1 107.01
Daily Pivot Point S2 105.93
Daily Pivot Point S3 105.11
Daily Pivot Point R1 108.9
Daily Pivot Point R2 109.73
Daily Pivot Point R3 110.8



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