USD/JPY Price Analysis: Key SMAs challenge bears above 115.00

USD/JPY bulls retreat from three-week-old horizontal resistance.
RSI pullback favors sellers but 100, 50 and 21-SMAs probe further declines.
Six-week-old support line adds to the downside filters, double tops around 116.35 appear tough nut to crack for bulls.

Anil Panchal FXStreet

USD/JPY struggles to keep the bounce off intraday low around 115.45 ahead of Friday’s European trading session. Even so, the yen pair remains firmer on the weekly basis, marking the second week-on-week gains by the press time.

Sustained trading beyond multiple SMAs and an upward sloping trend line from January 24 joins firmer RSI to keep USD/JPY buyers hopeful.

Considering the quote’s latest rebound from the 100 and 21-SMA, near 115.30 at the latest, USD/JPY prices may approach a broad resistance area established since February 10, close to 115.80-90.

It should be noted, however, that the double tops around 116.35, comprising highs marked during early January and February, will be crucial resistance to watch afterward.

Alternatively, a 50-SMA level around 115.20 adds to the aforementioned SMA supports, a break of which will direct USD/JPY bears towards the multi-day-old rising trend line near 114.90.

In a case where the bears keep reins past 114.90, late February’s low near 114.40 should return to the chart.

USD/JPY: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	115.42
Today Daily Change	-0.02
Today Daily Change %	-0.02%
Today daily open	115.44

Trends
Daily SMA20	115.3
Daily SMA50	115.03
Daily SMA100	114.45
Daily SMA200	112.38

Levels
Previous Daily High	115.81
Previous Daily Low	115.38
Previous Weekly High	115.76
Previous Weekly Low	114.41
Previous Monthly High	116.34
Previous Monthly Low	114.16
Daily Fibonacci 38.2%	115.55
Daily Fibonacci 61.8%	115.65
Daily Pivot Point S1	115.28
Daily Pivot Point S2	115.12
Daily Pivot Point S3	114.86
Daily Pivot Point R1	115.7
Daily Pivot Point R2	115.97
Daily Pivot Point R3	116.13

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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