• USD/JPY consolidates the heaviest daily gains in six weeks near five-year top.
  • Bullish flag, sustained trading above 50-HMA keeps buyers hopeful.
  • Bears may wait for downside break of November’s top, 116.20 acts as the key resistance.
  • Overbought RSI triggered pullback on D1, 114.00 is crucial support.

USD/JPY pulls back from five-year high to retest 116.00, down 0.06% intraday heading into Wednesday‘s European session.

In doing so, the yen pair seesaws inside a short-term bull-flag chart pattern amid overbought RSI on the daily and bearish MACD signals on the hourly formations. That said, the quote’s latest weakness could be linked to a downside break of the weekly support line, now resistance.

It’s worth noting that the stated flag’s support line near 115.90 restricts the quote’s immediate downside ahead of the 50-HMA level of 115.67.

Meanwhile, a convergence of the previous support and flag’s upper line, near 116.20, appears a tough nut to crack for the USD/JPY bulls.

USD/JPY: Hourly chart

In contrast to the hourly chart, the daily play suggests that the USD/JPY bulls are running out of steam, per overbought RSI, around an upward sloping trend line from October around 116.50.

The pullback moves, however, remain less worrisome until breaking a two-week-old support line near 115.25.

Even so, the USD/JPY pair seller remains cautious until the quote stays beyond 50-DMA and an upward sloping trend line from September, close to 114.00.

To sum up, USD/JPY traders are seeking fresh clues around the multi-day top.

USD/JPY: Daily chart

Additional important levels

Overview
Today last price 115.99
Today Daily Change -0.11
Today Daily Change % -0.09%
Today daily open 116.1
 
Trends
Daily SMA20 114.31
Daily SMA50 114.05
Daily SMA100 112.59
Daily SMA200 111.14
 
Levels
Previous Daily High 116.35
Previous Daily Low 115.29
Previous Weekly High 115.21
Previous Weekly Low 114.45
Previous Monthly High 115.21
Previous Monthly Low 112.56
Daily Fibonacci 38.2% 115.95
Daily Fibonacci 61.8% 115.7
Daily Pivot Point S1 115.48
Daily Pivot Point S2 114.85
Daily Pivot Point S3 114.42
Daily Pivot Point R1 116.54
Daily Pivot Point R2 116.98
Daily Pivot Point R3 117.6

 

 

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