USD/JPY Price Analysis: Hangs near daily low, just below 133.00 amid modest USD weakness

USD/JPY retreats from over a two-week high touched earlier this Monday.
The emergence of fresh selling around the USD exerts downward pressure.
The 100-day SMA and 50% Fibo. confluence hurdle holds the key for bulls.

Haresh Menghani FXStreet

The USD/JPY pair attracts some sellers after touching over a two-week high on Monday and trades just below the 133.00 round-figure mark during the early North American session.

The US Dollar (USD) struggles to capitalize on its intraday gains amid the uncertainty over the Fed's rate-hike path, which turns out to be a key factor exerting some downward pressure on the USD/JPY pair. The downside, however, seems limited, at least for the time being, amid a generally positive risk tone, which tends to undermine the traditional safe-haven Japanese Yen (JPY).

From a technical perspective, the USD/JPY pair faces rejection near the 133.75 confluence hurdle, comprising the 50% Fibonacci retracement level of the March downfall and the 100-day Simple Moving Average (SMA). The said area should now act as a pivotal point, which if cleared will set the stage for an extension of the recent move-up witnessed over the past week or so.

That said, oscillators on the daily chart are yet to confirm a bullish outlook, making it prudent to wait for a move beyond the aforementioned barrier before positioning for any further gains. The USD/JPY pair might then aim to surpass the 134.00 round-figure mark and accelerate the momentum towards testing the 61.8% Fibo. level resistance, around the 134.75-134.80 region.

On the flip side, any further slide below the 132.80 area, or the 38.2% Fibo. level, is likely to find decent support near the 132.25 region ahead of the 132.00 mark and the 23.6% Fibo. level, around the 131.60-131.55 zone. A convincing break below the latter could drag the USD/JPY pair below the 131.00 mark, towards the next relevant support near the 130.55-130.50 region.

USD/JPY daily chart

Key levels to watch

USD/JPY

Overview
Today last price	132.97
Today Daily Change	0.10
Today Daily Change %	0.08
Today daily open	132.87

Trends
Daily SMA20	133.27
Daily SMA50	132.95
Daily SMA100	133.87
Daily SMA200	137.32

Levels
Previous Daily High	133.6
Previous Daily Low	132.59
Previous Weekly High	133.6
Previous Weekly Low	130.41
Previous Monthly High	137.91
Previous Monthly Low	129.64
Daily Fibonacci 38.2%	133.21
Daily Fibonacci 61.8%	132.97
Daily Pivot Point S1	132.44
Daily Pivot Point S2	132.01
Daily Pivot Point S3	131.43
Daily Pivot Point R1	133.45
Daily Pivot Point R2	134.03
Daily Pivot Point R3	134.46

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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