USD/JPY Price Analysis: Bulls struggle to defend 200-DMA, risks breaking below 108.00 mark

USD/JPY remains under some heavy selling pressure for the second straight session.
The near-term technical set-up might have already shifted in favour of bearish traders.

Haresh Menghani FXStreet

The USD/JPY pair remained under some heavy selling pressure for the second straight session on Friday and has now slipped below the very important 200-day SMA, closer to 108.00 mark.

Given the overnight sustained break through a 2-1/2-week-old ascending trend-channel, the near-term technical set-up already seems to have shifted in favour of bearish traders.

Meanwhile, oscillators on the daily chart have been losing positive momentum and have already drifted into the bearish territory on the 4-hourly chart, reinforcing the bearish bias.

Hence, some follow-through selling now seems to set the stage for an extension of this week’s retracement slide from one-month tops towards testing the 107.65 support.

On the flip side, any attempted recovery might now confront stiff resistance and remain capped near the 109.00 level, which should act as a key pivotal point for short-term traders.

USD/JPY 4-hourly chart

Technical levels to watch

USD/JPY

Overview
Today last price	108.16
Today Daily Change	-1.46
Today Daily Change %	-1.33
Today daily open	109.62

Trends
Daily SMA20	107.71
Daily SMA50	109
Daily SMA100	109.04
Daily SMA200	108.33

Levels
Previous Daily High	111.3
Previous Daily Low	109.21
Previous Weekly High	111.51
Previous Weekly Low	105.15
Previous Monthly High	112.23
Previous Monthly Low	107.51
Daily Fibonacci 38.2%	110.01
Daily Fibonacci 61.8%	110.5
Daily Pivot Point S1	108.78
Daily Pivot Point S2	107.95
Daily Pivot Point S3	106.69
Daily Pivot Point R1	110.87
Daily Pivot Point R2	112.13
Daily Pivot Point R3	112.97

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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