USD/JPY Price Analysis: Carries gains from 100-hour SMA support

USD/JPY holds onto recovery gains from key SMA, short-term horizontal support.
A two-day-old falling trend line limits immediate upside, 200-hour SMA adds to the support.
Technical indicators suggest further recovery.

Anil Panchal FXStreet

USD/JPY takes the bids to 109.84 during the early trading hours of Monday. The pair recently bounced off 100-hour SMA, not to mention a four-day-old horizontal line.

In addition to the pair’s sustained bounce off the near-term key supports, upbeat conditions of RSI and MACD also favor the further recovery of USD/JPY prices.

As a result, the quote currently rises to a two-day-old descending resistance line, at 109.95, ahead of challenging the yearly top surrounding 110.30.

Meanwhile, the pair’s declines below 100-hour SMA and immediate horizontal line, around 109.65 and 109.50 respectively, can recall 109.30 to the charts.

However, 200-hour SMA and 61.8% Fibonacci retracement of January 31 to February 06 upside, near 109.20 and 108.95 in that order, will question the bears afterward.

USD/JPY hourly chart

Trend: Bullish

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Additional important levels

Overview
Today last price	109.84
Today Daily Change	0.07
Today Daily Change %	0.06%
Today daily open	109.77

Trends
Daily SMA20	109.54
Daily SMA50	109.23
Daily SMA100	108.83
Daily SMA200	108.39

Levels
Previous Daily High	110.02
Previous Daily Low	109.53
Previous Weekly High	110.02
Previous Weekly Low	108.32
Previous Monthly High	110.29
Previous Monthly Low	107.65
Daily Fibonacci 38.2%	109.72
Daily Fibonacci 61.8%	109.84
Daily Pivot Point S1	109.53
Daily Pivot Point S2	109.29
Daily Pivot Point S3	109.04
Daily Pivot Point R1	110.02
Daily Pivot Point R2	110.27
Daily Pivot Point R3	110.51

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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