USD/JPY Price Analysis: Mildly bid above 107.50 amid risk-on sentiment


  • USD/JPY prints a two-day winning streak above the 11-day-old rising support line.
  • A horizontal area comprising mid-April high, 200-day SMA on the bulls’ radars.
  • May 13 low could please sellers below the short-term ascending trend line.
  • US Treasury yields, Japan’s NIKKEI portrays an upbeat market mood despite US-China tussle.

USD/JPY softens to 107.83, up 0.11% on a day, during the pre-European session on Thursday. Even so, the yen pair stays above an immediate support line.

As a result, buyers keep targeting the 108.05/10 area comprising multiple highs marked since April-19. However, a 200-day SMA level of 108.34 could keep the bulls checked then after.

In a case where the bulls manage to cross 108.34 on a daily chart, 109.00 and April month’s top nearing 109.40 will becomes their favorites.

If at all the US-China tussle weigh on risk-tone and drags the quote down, sellers will wait for a sustained break below 107.43, comprising an ascending trend line from May 13, for fresh entries.

Should that happen, the mid-month low near 106.75 and the monthly bottom around 106.00 will be on the bears’ radars.

USD/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 107.83
Today Daily Change 0.11
Today Daily Change % 0.10%
Today daily open 107.72
 
Trends
Daily SMA20 107.17
Daily SMA50 107.92
Daily SMA100 108.4
Daily SMA200 108.33
 
Levels
Previous Daily High 107.95
Previous Daily Low 107.37
Previous Weekly High 108.09
Previous Weekly Low 107.04
Previous Monthly High 109.38
Previous Monthly Low 106.36
Daily Fibonacci 38.2% 107.73
Daily Fibonacci 61.8% 107.59
Daily Pivot Point S1 107.41
Daily Pivot Point S2 107.1
Daily Pivot Point S3 106.83
Daily Pivot Point R1 107.99
Daily Pivot Point R2 108.26
Daily Pivot Point R3 108.57

 

 

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