USD/JPY Price Analysis: Snaps three-day winning streak, but above 200-day SMA

USD/JPY pulls back from one-week high.
200-day SMA, 61.8% Fibonacci retracement restrict immediate downside.
109.65/70 seems to guard the immediate upside.

Anil Panchal FXStreet

USD/JPY drops to 108.88, down 0.30% amid the Asian session on Tuesday. In doing so, the pair snaps the previous three-day winning streak but stays above the near-term key supports, namely 200-day SMA and 61.8% Fibonacci retracement of February-March declines.

Should the quote declines below 108.30 and 108.00 nearby supports, the month-start low near 106.90 could stop sellers from targeting a 50% Fibonacci retracement level of 106.70.

In a case where the bears dominate past-106.70, an area comprising March 05 low and March 10 low, around 106.00, will be the key.

Meanwhile, a horizontal region including multiple tops and bottoms since late-February around 109.65/70 will guard the pair’s near-term advances.

USD/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	108.89
Today Daily Change	-0.32
Today Daily Change %	-0.29%
Today daily open	109.21

Trends
Daily SMA20	108.27
Daily SMA50	108.77
Daily SMA100	108.98
Daily SMA200	108.34

Levels
Previous Daily High	109.38
Previous Daily Low	108.38
Previous Weekly High	108.73
Previous Weekly Low	106.92
Previous Monthly High	111.72
Previous Monthly Low	101.18
Daily Fibonacci 38.2%	109
Daily Fibonacci 61.8%	108.76
Daily Pivot Point S1	108.6
Daily Pivot Point S2	107.98
Daily Pivot Point S3	107.59
Daily Pivot Point R1	109.6
Daily Pivot Point R2	110
Daily Pivot Point R3	110.61

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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