USD/JPY Price Analysis: Greenback down sharply, nearing 106.00 figure vs. Japanese yen

USD/JPY trades down despite broad-based USD strength.
The level to beat for bears is the 105.70 support.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY gets another bearish day despite broad-based USD strength this Wednesday. The spot is trading below the main SMAs on the daily chart suggesting a bearish bias. Moreover, the 50 SMA crossed below the 200 SMA creating a death cross which can result in more downward traction for the currency pair.

USD/JPY four-hour chart

USD/JPY is drifting down below its main SMAs on the four-hour chart as the spot is nearing the 106.00 figure. The market broke below the April lows and it seems that the bears are now in full control. A break below the 105.70 support can see more downside price movements. On the flip side, resistance is expected to hold near 106.30 and 107.00 resistances.

Additional key levels

USD/JPY

Overview
Today last price	106.03
Today Daily Change	-0.54
Today Daily Change %	-0.51
Today daily open	106.57

Trends
Daily SMA20	107.5
Daily SMA50	107.79
Daily SMA100	108.68
Daily SMA200	108.27

Levels
Previous Daily High	106.9
Previous Daily Low	106.42
Previous Weekly High	107.62
Previous Weekly Low	106.36
Previous Monthly High	109.38
Previous Monthly Low	106.36
Daily Fibonacci 38.2%	106.6
Daily Fibonacci 61.8%	106.71
Daily Pivot Point S1	106.36
Daily Pivot Point S2	106.15
Daily Pivot Point S3	105.88
Daily Pivot Point R1	106.84
Daily Pivot Point R2	107.1
Daily Pivot Point R3	107.31

Author

Flavio Tosti

Independent Analyst

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