USD/JPY Price Analysis: Climbs to near two-week tops, around mid-107.00s

  • USD/JPY attracted some dip-buying near the 107.00 mark and rose to near two-week tops.
  • Some follow-through buying should now pave the way for a move beyond the 108.00 mark.
  • Sustained weakness back below the 107.00 level will negate prospects for additional gains.

The USD/JPY pair edged higher through the mid-European session on Monday and shot to near two-week tops, around the 107.40-50 region in the last hour.

The positive move on the first day of a new trading week comes on the back of last week's breakthrough the 23.6% Fibonacci level of the 109.85-106.08 downfall. The mentioned region now coincides with 200-hour SMA and should now act as a key pivotal point for short-term traders.

Meanwhile, the emergence of some dip-buying ahead of the mentioned confluence region, around the 107.00 mark, supports prospects for additional gains. A subsequent move beyond the 107.40-50 congestion zone (nearing 38.2% Fibo. level) will further add credence to the positive outlook.

The pair might accelerate the momentum and aim to reclaim the 108.00 round-figure mark en-route the next major hurdle near the 108.35-40 region. The latter comprises of the very important 200-day SMA and the 61.8% Fibo. level, which if cleared decisively should pave the way for a further move up.

On the flip side, the 107.00 round-figure mark now becomes a strong base for the pair. That said, a convincing break below might negate the constructive set-up and turn the pair vulnerable to fall back towards challenging monthly lows, around the 106.00 mark set last Tuesday.

USD/JPY 1-hourly chart


Technical levels to watch


Today last price 107.44
Today Daily Change 0.23
Today Daily Change % 0.21
Today daily open 107.21
Daily SMA20 107.59
Daily SMA50 107.4
Daily SMA100 107.98
Daily SMA200 108.4
Previous Daily High 107.36
Previous Daily Low 106.8
Previous Weekly High 107.45
Previous Weekly Low 106.08
Previous Monthly High 108.09
Previous Monthly Low 105.99
Daily Fibonacci 38.2% 107.14
Daily Fibonacci 61.8% 107.01
Daily Pivot Point S1 106.89
Daily Pivot Point S2 106.56
Daily Pivot Point S3 106.33
Daily Pivot Point R1 107.45
Daily Pivot Point R2 107.68
Daily Pivot Point R3 108.01



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