USD/JPY Price Analysis: Refreshes seven-week low, 106.00 in focus


  • USD/JPY remains pressured around the multi-day low.
  • Support line of the falling wedge, a three-week-old falling trend line limit immediate downside.
  • Buyers will look for entry on confirmation of the bullish chart pattern.

Despite retracing losses from the intraday low of 106.20, USD/JPY stays depressed near the seven-week bottom while taking rounds to 106.33 on early Wednesday. In doing so, the pair bounces off the support line of a bullish technical pattern, falling wedge, with 0.22% loss on a day by the press time.

In addition to the aforementioned support line, close to 106.15, a downward sloping trend line from April 14, currently around 106.00, also limits the pair’s further declines.

As a result, sellers will look for entry below 106.00 while targeting 61.8% Fibonacci retracement of March month upside, around 105.20.

Meanwhile, an upside clearance of 107.20 resistance line figures could confirm the bullish technical formation, which in turn can challenge the previous month's top surrounding 109.40.

USD/JPY daily chart

Trend: Pullback expected

Additional impotant levels

Overview
Today last price 106.31
Today Daily Change -0.26
Today Daily Change % -0.24%
Today daily open 106.57
 
Trends
Daily SMA20 107.5
Daily SMA50 107.79
Daily SMA100 108.68
Daily SMA200 108.27
 
Levels
Previous Daily High 106.9
Previous Daily Low 106.42
Previous Weekly High 107.62
Previous Weekly Low 106.36
Previous Monthly High 109.38
Previous Monthly Low 106.36
Daily Fibonacci 38.2% 106.6
Daily Fibonacci 61.8% 106.71
Daily Pivot Point S1 106.36
Daily Pivot Point S2 106.15
Daily Pivot Point S3 105.88
Daily Pivot Point R1 106.84
Daily Pivot Point R2 107.1
Daily Pivot Point R3 107.31

 

 

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