- USD/JPY fails to extend the losses made Wednesday but buyers look for a confirmation of the bullish technical pattern.
- A confluence of 200-hour EMA, 61.8% Fibonacci retracement offers strong downside support.
USD/JPY recovers to 109.94 during the early trading hours of Thursday. The pair recently bounces off 109.80/78 support-zone but is yet to break short-term descending trend channel to please the Bulls.
In doing so, 110.00 will be the key to justify the bullish technical formation that will push buyers towards the recent high surrounding 110.25 and May 2019 to near 110.70.
During the quote’s advances past-110.70, 111.00 round-figure could return to the chart ahead of highlighting the year 2019 peak close to 112.00.
Alternatively, 109.80 and the channel’s support near 109.65 could keep the pair’s pullback limited.
If at all sellers conquer 109.65, 200-hour EMA and 61.8% Fibonacci retracement of the pair’s rise between January 08 and 14, around 109.50/45 will challenge the bears.
USD/JPY hourly chart
Trend: Pullback expected
Additional important levels
|Today last price||109.93|
|Today Daily Change||4 pips|
|Today Daily Change %||0.04%|
|Today daily open||109.89|
|Previous Daily High||110.02|
|Previous Daily Low||109.78|
|Previous Weekly High||109.69|
|Previous Weekly Low||107.65|
|Previous Monthly High||109.8|
|Previous Monthly Low||108.43|
|Daily Fibonacci 38.2%||109.87|
|Daily Fibonacci 61.8%||109.93|
|Daily Pivot Point S1||109.78|
|Daily Pivot Point S2||109.67|
|Daily Pivot Point S3||109.55|
|Daily Pivot Point R1||110.01|
|Daily Pivot Point R2||110.13|
|Daily Pivot Point R3||110.24|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.