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.

Anil Panchal FXStreet

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

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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