USD/JPY Price Analysis: Rises above 110.00, potential head-and-shoulders on 1H

  • Risk reset in stocks is boding well for USD/JPY. 
  • The pair may be forming a head-and-shoulders pattern on the hourly chart. 

USD/JPY has risen above 110.00, tracking the 0.30% rise in the S&P 500 futures. 

The bulls are not out of the woods yet and a break above 110.12 is needed to invalidate lower highs setup on the hourly chart and open the doors for re-test of 110.29 (Jan. 16 high). 

However, if the resistance at 110.12 holds, the pair may fall back to 109.75, forming a head-and-shoulders pattern. 

An hourly close below 109.75 (neckline support) would confirm a bearish reversal and create room for a drop to 109.21 (target as per the measured move method). 

Hourly chart

Trend: Bearish below 109.75

Technical levels


Today last price 110.05
Today Daily Change 0.24
Today Daily Change % 0.22
Today daily open 109.81
Daily SMA20 109.32
Daily SMA50 109.13
Daily SMA100 108.61
Daily SMA200 108.55
Previous Daily High 110.23
Previous Daily Low 109.76
Previous Weekly High 110.3
Previous Weekly Low 109.46
Previous Monthly High 109.8
Previous Monthly Low 108.43
Daily Fibonacci 38.2% 109.94
Daily Fibonacci 61.8% 110.05
Daily Pivot Point S1 109.64
Daily Pivot Point S2 109.47
Daily Pivot Point S3 109.17
Daily Pivot Point R1 110.11
Daily Pivot Point R2 110.4
Daily Pivot Point R3 110.57



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