USD/JPY Price Analysis: Drops from short-term trendline resistance, 109.80 in focus

USD/JPY pulls back from three-week high amid overbought RSI.
The two-day-old support line can offer immediate rest, a bit broader trend line and 100-HMA will be the key afterward.
Bulls can target February top during the fresh run-up.

Anil Panchal FXStreet

Following its failure to cross a nine-day-old resistance line, USD/JPY drops from the monthly high to 110.22, down 0.55%, amid Friday’s Asian session.

The pair currently aims to revisit the short-term support line, at 109.80, as the RSI’s drop from overbought area favors further pullback.

However, an upward sloping trend line since March 09, at 107.90, followed by 100-Hour Simple Moving Average (HMA) near 107.70, can challenge the bears afterward.

Alternatively, buyers will aim for February month high near 112.25 during the fresh rise beyond 111.40.

USD/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	110.58
Today Daily Change	-14 pips
Today Daily Change %	-0.13%
Today daily open	110.72

Trends
Daily SMA20	107.64
Daily SMA50	108.91
Daily SMA100	108.94
Daily SMA200	108.26

Levels
Previous Daily High	110.96
Previous Daily Low	107.88
Previous Weekly High	108.51
Previous Weekly Low	101.18
Previous Monthly High	112.23
Previous Monthly Low	107.51
Daily Fibonacci 38.2%	109.78
Daily Fibonacci 61.8%	109.06
Daily Pivot Point S1	108.75
Daily Pivot Point S2	106.78
Daily Pivot Point S3	105.68
Daily Pivot Point R1	111.82
Daily Pivot Point R2	112.92
Daily Pivot Point R3	114.89

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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