USD/JPY Price Analysis: Pulls back from 100-day SMA inside rising channel

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.

Anil Panchal FXStreet

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

Overview
Today last price	109
Today Daily Change	0.11
Today Daily Change %	0.10%
Today daily open	108.89

Trends
Daily SMA20	109.33
Daily SMA50	109.19
Daily SMA100	108.71
Daily SMA200	108.49

Levels
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

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.