USD/JPY Price Analysis: Extends pullback from key hurdles below 111.00

USD/JPY bounces off intraday low, remains pressured around 15-month high.
Bearish candlestick below important resistances backs further consolidation of gains.
Two-month-old rising channel, bullish MACD keep buyers hopeful.

Anil Panchal FXStreet

USD/JPY pares intraday losses around 110.85 as European traders prepare for Friday’s bell. The risk barometer pair jumped to the highest since March 2020 the previous day before closing with mild losses around 110.87.

In doing so, the quote not only reversed from the upper line of a short-term trend channel but also closed below a three-month-long horizontal hurdle. Furthermore, a daily bearish spinning top also favors intraday sellers of USD/JPY.

However, the pullback moves may fade around 110.70 and early month top near 110.30 amid bullish MACD.

Should the USD/JPY bears dominate past 110.30, the 110.00 psychological magnet and support line of the stated channel, close to 109.65, will be the key to watch.

Meanwhile, the 111.00 round figure and the channel’s resistance near 111.10 will keep challenging the short-term bulls. In a case where the USD/JPY prices rally beyond 111.10, a gradual run-up towards the year 2020 peak surrounding 112.25-30 can’t be ruled out.

USD/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	110.87
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	110.87

Trends
Daily SMA20	109.98
Daily SMA50	109.3
Daily SMA100	108.59
Daily SMA200	106.5

Levels
Previous Daily High	111.12
Previous Daily Low	110.69
Previous Weekly High	110.82
Previous Weekly Low	109.61
Previous Monthly High	110.2
Previous Monthly Low	108.34
Daily Fibonacci 38.2%	110.85
Daily Fibonacci 61.8%	110.95
Daily Pivot Point S1	110.67
Daily Pivot Point S2	110.47
Daily Pivot Point S3	110.24
Daily Pivot Point R1	111.09
Daily Pivot Point R2	111.32
Daily Pivot Point R3	111.52

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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