- USD/JPY recovers from nearly three-week low amid bearish MACD.
- 50% Fibonacci retracement, 200-day SMA add to the support.
- 61.8% of Fibonacci retracement offers short-term resistance.
USD/JPY pulls back from 100-day SM awhile taking the bids to 109.03 during early Tuesday. Following its declines below 61.8% Fibonacci retracement of April-August 2019 fall, the pair dropped to the lowest since January 08, amid bearish MACD, in recent days.
While 61.8% Fibonacci retracement, at 109.52, will act as the support-turned-resistance, 109.80 and 110.00 could entertain buyers ahead of making them confront the upper line of the trend channel stretched from early-October 2019, currently near 110.35.
Alternatively, pair’s declines below 100-day SMA level of 108.70 will be limited by 50% Fibonacci retracement and 200-day SMA, 108.60 and 108.45 respectively.
During the quote’s extended weakness under 108.45, the aforementioned channel’s support line near 107.90 will be the key to watch.
USD/JPY daily chart
Trend: Pullback expected
Additional important levels
|Today last price||109|
|Today Daily Change||0.11|
|Today Daily Change %||0.10%|
|Today daily open||108.89|
|Previous Daily High||109.28|
|Previous Daily Low||108.73|
|Previous Weekly High||110.22|
|Previous Weekly Low||109.17|
|Previous Monthly High||109.8|
|Previous Monthly Low||108.43|
|Daily Fibonacci 38.2%||108.94|
|Daily Fibonacci 61.8%||109.07|
|Daily Pivot Point S1||108.66|
|Daily Pivot Point S2||108.42|
|Daily Pivot Point S3||108.11|
|Daily Pivot Point R1||109.2|
|Daily Pivot Point R2||109.51|
|Daily Pivot Point R3||109.75|
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