USD/JPY Price Analysis: Stays indecisive below 114.00 inside weekly descending triangle

USD/JPY pares early Asian session losses but stays neutral on a day.
Bullish chart pattern keeps buyers hopeful amid upbeat MACD, RSI.
Sellers have a bumpy road before testing 113.00, December’s low.

Anil Panchal FXStreet

USD/JPY licks its wounds near 113.90 amid the pre-Fed inactive Asian session on Wednesday.

In doing so, the yen pair stays inside a short-term bullish chart pattern, namely ascending triangle, amid firmer MACD and RSI signals.

However, a convergence of the 61.8% Fibonacci retracement (Fibo.) of November-January upside and the upper line of the stated triangle from January 14, challenge the pair’s immediate upside moves near 114.00.

Also acting as important resistances are the 50-SMA and 200-SMA levels surrounding 114.15 and 114.55 in that orders.

Should USD/JPY rises past 114.55, its run-up towards the monthly high of 116.35 can be expected.

Meanwhile, the lower line of the triangle close to 113.45 limits the quote’s nearby declines, a break of which will direct USD/JPY sellers towards multiple supports marked since early December near 113.20.

Following that, the 113.00 threshold and the previous month’s low of 112.53 will be in focus.

USD/JPY: Four-hour chart

Trend: Recovery expected

Additional important levels

Overview
Today last price	113.88
Today Daily Change	-0.02
Today Daily Change %	-0.02%
Today daily open	113.9

Trends
Daily SMA20	114.84
Daily SMA50	114.3
Daily SMA100	113.31
Daily SMA200	111.53

Levels
Previous Daily High	114.16
Previous Daily Low	113.67
Previous Weekly High	115.06
Previous Weekly Low	113.6
Previous Monthly High	115.21
Previous Monthly Low	112.56
Daily Fibonacci 38.2%	113.86
Daily Fibonacci 61.8%	113.97
Daily Pivot Point S1	113.66
Daily Pivot Point S2	113.42
Daily Pivot Point S3	113.17
Daily Pivot Point R1	114.15
Daily Pivot Point R2	114.4
Daily Pivot Point R3	114.64

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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