USD/JPY Price Analysis: Looks north after bullish outside day

USD/JPY charted a bullish outside day candle on Monday.
The pair could soon challenge the Nov. 24 high.

Omkar Godbole FXStreet Contributor

USD/JPY is trading near 104.35 at the time of writing, representing marginal gains on the day, having carved out a bullish outside day candle on Monday.

A bullish outside day occurs when an asset engulfs the previous day's trading range with positive price action. Traders consider the bullish outside day as the harbinger of more substantial gains.

The candle is more relevant in this case, as it has occurred at the support of the trendline rising from Nov. 10 and Nov. 23 lows.

The pair could challenge resistance at 104.76 (Nov. 24 low) this week. A violation there would expose the Nov. 11 high of 105.68. Alternatively, a close under Monday's low of 103.83 would invalidate the bullish bias.

Daily chart

Trend: Bullish

Technical levels

USD/JPY

Overview
Today last price	104.35
Today Daily Change	-0.04
Today Daily Change %	-0.04
Today daily open	104.4

Trends
Daily SMA20	104.41
Daily SMA50	104.91
Daily SMA100	105.47
Daily SMA200	106.56

Levels
Previous Daily High	104.4
Previous Daily Low	103.83
Previous Weekly High	104.76
Previous Weekly Low	103.68
Previous Monthly High	105.68
Previous Monthly Low	103.18
Daily Fibonacci 38.2%	104.18
Daily Fibonacci 61.8%	104.05
Daily Pivot Point S1	104.02
Daily Pivot Point S2	103.64
Daily Pivot Point S3	103.45
Daily Pivot Point R1	104.59
Daily Pivot Point R2	104.78
Daily Pivot Point R3	105.16

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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