USD/JPY Price Analysis: Rallies toward 2018 highs above 114.00

USD/JPY records fresh daily gains on Friday in the European session.
The pair remains poised for weekly gains of nearly 1%.
Momentum oscillators hold onto the overbought zone warrants caution for the pair.

Rekha Chauhan Independent Analyst

USD/JPY extend the previous session’s gains on the last trading day of the week. The pair opened lower but swiftly rallied toward the YTD highs, as the pair gathered momentum in the European trading hour. At the time of writing, USD/JPY is trading at 114.15, up 0.43% so far.

USD/JPY daily chart

On the daily chart, the USD/JPY pair has been riding higher after testing the low of 109.12 on September 22. The pair posted gains of nearly 50-pips in the intraday session, highlighting the underlying bullish sentiment. Having said that, if the price sustains above the intraday high, the bulls will be next looking for October 2018 high at 114.55.

Alternatively, the Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any downtick in the MACD could call the USD/JPY bears to takeout the 113.50 horizontal support level. Next on the bear’s radar will be the 23.6% Fibonacci retracement, which extends from the low of 109.21, at 113.00, followed by this Monday’s low of 112.15.

USD/JPY additional technical levels

USD/JPY

Overview
Today last price	114.15
Today Daily Change	0.47
Today Daily Change %	0.41
Today daily open	113.68

Trends
Daily SMA20	111.38
Daily SMA50	110.5
Daily SMA100	110.3
Daily SMA200	108.86

Levels
Previous Daily High	113.72
Previous Daily Low	113.21
Previous Weekly High	112.25
Previous Weekly Low	110.82
Previous Monthly High	112.08
Previous Monthly Low	109.11
Daily Fibonacci 38.2%	113.52
Daily Fibonacci 61.8%	113.4
Daily Pivot Point S1	113.36
Daily Pivot Point S2	113.03
Daily Pivot Point S3	112.85
Daily Pivot Point R1	113.86
Daily Pivot Point R2	114.04
Daily Pivot Point R3	114.37

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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