USD/JPY price analysis: Greenback correcting below 109.00 handle against yen

USD/JPY is choppy in the New York session.
The level to beat for bears is the 108.41 support.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is consolidating the recent drop below the 109.00 handle and the 200-day simple moving average (DMA) on the daily chart. The market is finding some support near the 108.50 level and the 50 SMA.

USD/JPY four-hour chart

USD/JPY is consolidating the sharp down move, which dragged the spot below the 109.00 figure and its main SMAs. As the market remains weak, the market could decline towards 108.41 and 107.96 price levels, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

USD/JPY is trading below downward sloping 100/200 SMAs on the 30-minute chart suggesting a bearish momentum in the near term. Resistance is seen at 108.80, 109.00 and 109.31 price levels, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	108.69
Today Daily Change	0.06
Today Daily Change %	0.06
Today daily open	108.63

Trends
Daily SMA20	108.93
Daily SMA50	108.48
Daily SMA100	107.78
Daily SMA200	108.9

Levels
Previous Daily High	109.21
Previous Daily Low	108.48
Previous Weekly High	109.67
Previous Weekly Low	108.63
Previous Monthly High	109.67
Previous Monthly Low	107.89
Daily Fibonacci 38.2%	108.76
Daily Fibonacci 61.8%	108.93
Daily Pivot Point S1	108.34
Daily Pivot Point S2	108.05
Daily Pivot Point S3	107.62
Daily Pivot Point R1	109.07
Daily Pivot Point R2	109.5
Daily Pivot Point R3	109.79

Author

Flavio Tosti

Independent Analyst

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