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.

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