USD/JPY Price Analysis: Retreats from monthly horizontal hurdle near 115.50

USD/JPY bounces off intraday low, seesaws around short-term key resistance area.
Crucial SMAs, firmer RSI can keep buyers hopeful amid sluggish trading.
Clear break of five-week-old rising trend line adds strength to the bearish bias.

Anil Panchal FXStreet

USD/JPY struggles for clear directions around 115.55 amid Monday’s Asian session, after stepping back from one-month-old horizontal resistance the previous day.

In addition to the aforementioned horizontal resistance area, around 115.70-90, the pair’s sustained trading below the previous support line from January 24, at 115.85 by the press time, also keeps USD/JPY sellers hopeful.

Hence, the quote’s further weakness towards the 100-SMA level of 115.30 can’t be ruled out.

However, a convergence of the 200-SMA and 50% Fibonacci retracement (Fibo.) of January-February upside, at 114.90, will challenge USD/JPY bears afterward.

Should USD/JPY bears dominate past 114.90, the monthly low of 114.15 will be in focus.

On the contrary, a clear upside break of 115.90 won’t hesitate to poke the monthly high of 116.33.

Though, tops marked in January around 116.35, will add strength to the 116.30-35 resistance zone, a break of which will propel the quote towards the late 2016 peak near 118.70.

USD/JPY: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	115.58
Today Daily Change	0.05
Today Daily Change %	0.04%
Today daily open	115.53

Trends
Daily SMA20	115.22
Daily SMA50	114.94
Daily SMA100	114.39
Daily SMA200	112.26

Levels
Previous Daily High	115.76
Previous Daily Low	115.15
Previous Weekly High	115.76
Previous Weekly Low	114.41
Previous Monthly High	116.35
Previous Monthly Low	113.47
Daily Fibonacci 38.2%	115.38
Daily Fibonacci 61.8%	115.53
Daily Pivot Point S1	115.2
Daily Pivot Point S2	114.87
Daily Pivot Point S3	114.58
Daily Pivot Point R1	115.81
Daily Pivot Point R2	116.09
Daily Pivot Point R3	116.43

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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