USD/JPY Price Analysis: Surrenders early gains to three-day tops, back around mid-107.00s

  • USD/JPY failed to capitalize on its early uptick to three-day tops, around the 107.75 region.
  • Bears might now wait for some follow-through selling below the 107.40 confluence support.

The USD/JPY pair retreated around 20-25 pips from three-day tops and has now dropped moved closer to the lower end of its daily trading range, around mid-107.00s.

Despite the pullback, the pair has still managed to hold above the 107.40 confluence support. The mentioned level comprises of 200-hour SMA and the 38.2% Fibonacci level of the recent bounce from the vicinity of the 106.00 round-figure mark.

A convincing breakthrough will be seen as a fresh trigger for bearish traders and set the stage for a fall towards the 107.10 region (50% Fibo. level). The downfall could get extended towards the next major support near the 106.80 horizontal zone.

Some follow-through weakness will negate prospects for any further near-term appreciating move. The pair might then turn vulnerable and accelerate the slide further towards challenging the 106.00 mark, or multi-month lows set on June 23.

On the flip side, the 107.65-70 region – around 23.6% Fibo. level – now seems to have emerged as immediate strong resistance. A sustained strength beyond should assist the pair to aim towards reclaiming the 108.00 round-figure mark.

USD/JPY 1-hourly chart


Technical levels to watch


Today last price 107.52
Today Daily Change 0.01
Today Daily Change % 0.01
Today daily open 107.51
Daily SMA20 107.3
Daily SMA50 107.39
Daily SMA100 107.86
Daily SMA200 108.4
Previous Daily High 107.58
Previous Daily Low 107.44
Previous Weekly High 108.16
Previous Weekly Low 107.04
Previous Monthly High 109.85
Previous Monthly Low 106.08
Daily Fibonacci 38.2% 107.52
Daily Fibonacci 61.8% 107.49
Daily Pivot Point S1 107.44
Daily Pivot Point S2 107.37
Daily Pivot Point S3 107.29
Daily Pivot Point R1 107.58
Daily Pivot Point R2 107.65
Daily Pivot Point R3 107.72



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