USD/JPY Price Analysis: Slips below 200-HMA amid broad US dollar weakness

USD/JPY bears repeat the pullback move from 107.90.
The greenback bears the burden of US President Donald Trump’s tenderness on China, riots in America.
Highs marked since April 16 add to the upside barriers.
107.40, 61.8% Fibonacci retracement act as immediate supports.

Anil Panchal FXStreet

USD/JPY drops to 107.61, down 0.18% on a day, during the pre-European session on Monday. The pair recently declines below 200-HMA as the US dollar index (DXY) stays pressured near 11-week low following President Trump’s no sanctions on China while also taking clues from riots in several states of the world’s latest economy.

Read: Trump tenderness, China's Caixin, boost Asia

Technically, the pair’s declines below the key HMA drag it further down toward 107.40 immediate support.

However, 61.8% Fibonacci retracement level of May 13-19 upside around 107.25 could challenge the bears then after, if not then the sub-107.00 area could return to the charts.

On the contrary, an upside clearance above the recent high around 107.90 isn’t a convincing sign for the pair’s run-up as multiple highs marked since April 16 around 108.10 act as the strong resistance.

In a case where the bulls manage to cross 108.10, which is less likely considering the USD weakness, April month’s high near 109.40 will lure the buyers.

USD/JPY hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	107.65
Today Daily Change	-0.18
Today Daily Change %	-0.17%
Today daily open	107.83

Trends
Daily SMA20	107.24
Daily SMA50	107.8
Daily SMA100	108.37
Daily SMA200	108.35

Levels
Previous Daily High	107.9
Previous Daily Low	107.08
Previous Weekly High	107.95
Previous Weekly Low	107.08
Previous Monthly High	108.09
Previous Monthly Low	105.99
Daily Fibonacci 38.2%	107.58
Daily Fibonacci 61.8%	107.39
Daily Pivot Point S1	107.31
Daily Pivot Point S2	106.79
Daily Pivot Point S3	106.5
Daily Pivot Point R1	108.12
Daily Pivot Point R2	108.42
Daily Pivot Point R3	108.94

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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