USD/JPY Price Analysis: Bulls looking to find acceptance above 61.8% Fibo level

  • USD/JPY consolidates the spike to 104.20 in Asia.
  • Bulls clings to 61.8% Fib resistance on the hourly chart.
  • 103.92 is the strong support, RSI stays bullish.

USD/JPY is looking to extend the gains above 104.00, having hit a daily high of 104.20 earlier in the Asian session.

The bulls are trying hard to find acceptance above the critical resistance at 104.03, which is the 61.8% Fibonacci Retracement level of the January 12 decline on the hourly chart.  

However, the path of least resistance appears to the upside amid a bullish Relative Strength Index (RSI), which currently trades at 61.06.

The daily highs at 104.20 could be retested, above which January 12 highs at 104.33 will be on the buyers’ radars.

To the downside, the 100-hourly moving average (HMA) at 104.00 could cap immediate pullbacks.

The confluence of the 50% Fibo level and 100,21-HMA at 103.92 will be a tough nut to crack for the bears.

USD/JPY: Hourly chart

USD/JPY: Additional levels


Today last price 104.05
Today Daily Change 0.17
Today Daily Change % 0.16
Today daily open 103.88
Daily SMA20 103.5
Daily SMA50 103.95
Daily SMA100 104.67
Daily SMA200 105.86
Previous Daily High 104
Previous Daily Low 103.53
Previous Weekly High 104.09
Previous Weekly Low 102.59
Previous Monthly High 104.75
Previous Monthly Low 102.88
Daily Fibonacci 38.2% 103.82
Daily Fibonacci 61.8% 103.71
Daily Pivot Point S1 103.6
Daily Pivot Point S2 103.33
Daily Pivot Point S3 103.14
Daily Pivot Point R1 104.07
Daily Pivot Point R2 104.27
Daily Pivot Point R3 104.54



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hits fresh one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 


GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 


Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

Gold news

Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News