USD/JPY Price Analysis: Remains strong to meet daily confluence near 110.80

USD/JPY edges higher and faces some resistance near the higher level.
Pair continues to project gains from the low of 107.45 in April.
Momentum oscillator tilts in favor of the upside momentum,

Rekha Chauhan Independent Analyst

USD/JPY maintains its upside momentum and remains grounded above the 110.60 mark in the initial Asian trading hours.

At the time of writing, the USD/JPY pair is trading at 110.65, up 0.01% for the day.

USD/JPY daily chart

On the daily chart, the USD/JPY pair approaches the resistance confluence near the 110.65 level. The rising trend line from the low of 107.47 acts as a defensive for the bulls.

If price sustains above the session’s high, then it has the potential to recoup YTD highs at 110.86.

The Moving Average Convergence Divergence (MACD) indicator reads above the midline, with a bullish bias. The readings suggest impending upside momentum in the pair.

That said, USD/JPY bulls would attempt to make fresh yearly highs near February 2019 high at 111.50.

The next region would be the high of March 2019 at 112.14 for the bulls to explore.

Alternatively, if the price breaks 110.60 then it could bring the selling opportunities in the pair. The first target, in that case, would be the previous day’s low at 110.21.

Market participants then look out for the 20-day Simple Moving Average (SMA) at 109.91 followed by the low of June 14 at 109.61.

USD/JPY additional levels

USD/JPY

Overview
Today last price	110.66
Today Daily Change	0.41
Today Daily Change %	0.37
Today daily open	110.25

Trends
Daily SMA20	109.74
Daily SMA50	109.19
Daily SMA100	108.42
Daily SMA200	106.41

Levels
Previous Daily High	110.35
Previous Daily Low	109.72
Previous Weekly High	110.82
Previous Weekly Low	109.61
Previous Monthly High	110.2
Previous Monthly Low	108.34
Daily Fibonacci 38.2%	110.11
Daily Fibonacci 61.8%	109.96
Daily Pivot Point S1	109.86
Daily Pivot Point S2	109.47
Daily Pivot Point S3	109.23
Daily Pivot Point R1	110.5
Daily Pivot Point R2	110.74
Daily Pivot Point R3	111.13

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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