USD/JPY Price Analysis: Pierces 61.8% Fibonacci following Monday’s Doji


  • USD/JPY holds onto recovery gains
  • The previous day’s trend reversal signaling candlestick formation, sustained break of 61.8% Fibonacci retracement favor buyers.
  • 21-day SMA offers immediate support.

USD/JPY takes clues from Monday’s Doji formation while rising 0.63% to 108.45 during the early Tuesday. In doing so, the pair clears 61.8% Fibonacci retracement of its fall from February 20.

Even so, a confluence of 100-day and 50-day SMAs near 108.90-109.00 could question the pair’s immediate upside, a break of which could escalate the recovery moves towards 109.70/80.

It should, however, be noted that the pair’s sustained rise past-109.80 needs a sustained break beyond the monthly top near 111.70/75 to aim for February month high around 112.25.

Meanwhile, a 21-day SMA level of 107.75 offers the immediate support while a daily closing below Monday’s low near 107.10 will defy the candlestick formation and drag the USD/JPY prices towards March 12 high near 106.10.

USD/JPY daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 108.54
Today Daily Change 0.76
Today Daily Change % 0.71%
Today daily open 107.78
 
Trends
Daily SMA20 107.69
Daily SMA50 108.91
Daily SMA100 109.01
Daily SMA200 108.33
 
Levels
Previous Daily High 108.3
Previous Daily Low 107.12
Previous Weekly High 111.72
Previous Weekly Low 107.76
Previous Monthly High 112.23
Previous Monthly Low 107.51
Daily Fibonacci 38.2% 107.85
Daily Fibonacci 61.8% 107.57
Daily Pivot Point S1 107.17
Daily Pivot Point S2 106.56
Daily Pivot Point S3 106
Daily Pivot Point R1 108.35
Daily Pivot Point R2 108.91
Daily Pivot Point R3 109.52

 

 

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