USD/JPY Price Analysis: Sidelined near 104.70, technical bias remains bullish

USD/JPY consolidates near 104.70 after Friday's rejection at 105.00.
Charts remains biased bullish, with key indicator signaling a strongest bull bias since June.

Omkar Godbole FXStreet Contributor

USD/JPY is trading mostly unchanged on the day near 104.70 at press time, having risen for the third straight day on Friday.

The daily chart is biased bullish, with the Relative Strength Index hovering at 64 – the highest level since June. An above-50 reading indicates bullish bias.

Further, the upside break of the trendline falling from March 2020 highs confirmed on Thursday is also valid. The pair has also found acceptance above the widely-tracked 100-day Simple Moving Average.

Therefore, the odds appear stacked in favor of a continued rally. Significant resistance is located at 105.63 (200-day SMA). On the downside, the higher low of 103.33 created on Jan. 21 is the level to beat for the bears.

Daily chart

Trend: Bullish

Technical levels

USD/JPY

Overview
Today last price	104.69
Today Daily Change	-0.06
Today Daily Change %	-0.06
Today daily open	104.75

Trends
Daily SMA20	103.75
Daily SMA50	103.82
Daily SMA100	104.41
Daily SMA200	105.62

Levels
Previous Daily High	104.94
Previous Daily Low	104.22
Previous Weekly High	104.94
Previous Weekly Low	103.56
Previous Monthly High	104.94
Previous Monthly Low	102.59
Daily Fibonacci 38.2%	104.67
Daily Fibonacci 61.8%	104.5
Daily Pivot Point S1	104.33
Daily Pivot Point S2	103.92
Daily Pivot Point S3	103.62
Daily Pivot Point R1	105.05
Daily Pivot Point R2	105.35
Daily Pivot Point R3	105.77

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.