• USD/JPY found a decent support near 100-hour SMA and stalled the overnight retracement slide.
  • The technical set-up favours bullish traders and supports prospects for additional near-term gains.
  • Dips might be seen as a buying opportunity and remain limited near 110.00, or weekly swing lows.

The USD/JPY pair extended its sideways consolidative price action heading into the North American session and remained confined in a narrow trading band, just below mid-110.00s.

A combination of diverging forces failed to provide any meaningful impetus to the USD/JPY pair and led to a subdued/range-bound price action on Thursday. The underlying bullish sentiment around the equity markets, despite persistent COVID-19 woes, undermined the safe-haven Japanese yen.

That said, the repricing of the likely timing for policy tightening by the Fed, along with a softer tone around the US Treasury bond yields held the US dollar bulls from placing aggressive bets. This, in turn, was seen as a key factor that capped the upside for the USD/JPY pair.

From a technical perspective, the USD/JPY pair attracted some buying near 100-hour SMA and for now, seems to have stalled the overnight retracement slide from over one month tops. However, the lack of any follow-through buying warrants some caution before positioning for any further gains.

Meanwhile, oscillators on 4-hour/daily charts are holding comfortably in the positive territory and favour bullish traders. Hence, any subsequent decline might be seen as a buying opportunity near the 110.25-20 region and remain limited near the key 110.00 psychological mark.

A convincing break below will negate the positive outlook and prompt some aggressive technical selling. The USD/JPY pair might then accelerate the corrective slide towards the next relevant support near the 109.65-60 region before eventually dropping to the 109.00 round figure.

On the flip side, sustained strength beyond the 110.50-55 region could push the USD/JPY pair back towards the overnight swing highs, around the 110.80 region. This is closely followed by the 111.00 mark, above which bulls might aim to challenge YTD tops, around the 111.65 region.

USD/JPY 1-hour chart


Technical levels to watch


Today last price 110.41
Today Daily Change -0.01
Today Daily Change % -0.01
Today daily open 110.42
Daily SMA20 109.93
Daily SMA50 110.17
Daily SMA100 109.68
Daily SMA200 107.35
Previous Daily High 110.8
Previous Daily Low 110.31
Previous Weekly High 110.36
Previous Weekly Low 108.72
Previous Monthly High 111.66
Previous Monthly Low 109.06
Daily Fibonacci 38.2% 110.5
Daily Fibonacci 61.8% 110.61
Daily Pivot Point S1 110.22
Daily Pivot Point S2 110.02
Daily Pivot Point S3 109.72
Daily Pivot Point R1 110.71
Daily Pivot Point R2 111
Daily Pivot Point R3 111.21



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD Price Analysis: Bounces on Double Bottom, bullish reversal needs more filters

AUD/USD Price Analysis: Bounces on Double Bottom, bullish reversal needs more filters

The AUD/USD pair is going through a correction phase after facing barricades around 0.6920 in the New York session. The asset displayed some signs of reversal on Thursday after finding bids while testing two-week-old support at 0.6850.


USD/JPY inches towards 136.00 on higher-than-expected Unemployment data

USD/JPY inches towards 136.00 on higher-than-expected Unemployment data

The USD/JPY pair is aiming towards 136.00 as the Statistics Bureau of Japan has reported higher-than-expected Unemployment data. 


Gold Price Forecast: XAU/USD struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold Price Forecast: XAU/USD struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold Price (XAU/USD) holds onto the previous day’s bearish bias, despite taking rounds to the multi-day low surrounding $1,805 during Friday’s Asian session.

Gold News

One of the most iconic American rappers is bullish on Ethereum despite recent price slump

One of the most iconic American rappers is bullish on Ethereum despite recent price slump

Snoop Dogg and his son Champ Medici are one of the most prominent celebrities in the Ethereum NFT ecosystem. Dogg argues that the bear market is weeding out all the people who are not supposed to be in the space.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!