USD/JPY Price Analysis: Set to test 108.20 amid symmetrical triangle breakout on 1H

  • USD/JPY gathering pace for a break above the 108 level.
  • Symmetrical triangle breakout on hourly chart points to extra gains.
  • Hourly RSI also back the case for further upside.

USD/JPY is on a steady rise so far this Tuesday, as the bulls look to conquer the 108 handle despite the broad US dollar weakness.

The spot appears to track the bounce in the S&P 500 futures, as minor gains in the European stock futures point to the upbeat market mood. Markets are pinning on hopes of a global economic upturn, as economic lockdowns are lifted worldwide.

It remains to be seen now if the price can advance further, in light of looming US-China tensions. The technical set up, however, continues to favor the bulls, with a symmetrical triangle breakout spotted on the hourly chart earlier today.

As the price broke above the 107.66 resistance, the pattern got confirmed. The next upside target is seen at 107.89 (Monday’s high), above which the 108 level will be tested. The pattern target of 108.18 will come into play on a break above the round figure. The hourly Relative Strength Index (RSI) points towards the overbought territory near 61.53, suggesting additional room for gains.

Any pullback will meet some fresh demand near 107.62/60 region, the confluence of the former trendline resistance now-turned support and the horizontal 100-hourly Simple Moving Average (SMA). Sellers would target the 107.50 psychological level on a breach of the latter.

USD/JPY: 1-hour chart

USD/JPY: Additional levels


Today last price 107.79
Today Daily Change 0.19
Today Daily Change % 0.18
Today daily open 107.59
Daily SMA20 107.28
Daily SMA50 107.72
Daily SMA100 108.34
Daily SMA200 108.36
Previous Daily High 107.86
Previous Daily Low 107.38
Previous Weekly High 107.95
Previous Weekly Low 107.08
Previous Monthly High 108.09
Previous Monthly Low 105.99
Daily Fibonacci 38.2% 107.56
Daily Fibonacci 61.8% 107.67
Daily Pivot Point S1 107.36
Daily Pivot Point S2 107.13
Daily Pivot Point S3 106.88
Daily Pivot Point R1 107.84
Daily Pivot Point R2 108.09
Daily Pivot Point R3 108.32



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Demand for high-yielding assets likely to continue

The EUR/USD pair reached1.2171 last Friday, its highest since March 1, closing the week a few pips below such a high. Wall Street reached all-time highs, while US government bond yields plunged. EUR/USD is overbought but still has room to extend its advance.


GBP/USD: Scottish election’s result may take its toll on pound

 The British Pound took advantage of the broad dollar’s weakness, and GBP/USD  surged to 1.4005, retreating just modestly ahead of the close to settle around 1.3990. GBP/USD is technically bullish, could advance once above 1.4015 resistance.


Gold could target 200-day SMA

Gold extended its rally after surging above $1,800 on Thursday. During the first half of the week, the XAU/USD pair struggled to rise above $1,800 and fluctuated in a horizontal channel. The next target on the upside aligns at $1,850.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more