USD/JPY Price Analysis: Surrenders gains after rejection above 105.70

USD/JPY again fails to keep gains above 105.70.
Technical charts suggest scope for a deeper pullback.

Omkar Godbole FXStreet Contributor

USD/JPY is now trading mostly unchanged on the day near 105.60, having clocked a high of 105.80 early Wednesday.

The pair has failed to keep gains above 105.70 for the fourth straight day, and the repeated rejection suggests the bounce from the Sept. 21 low of 104.00 has run out of steam.

Further, the indicators on the hourly and 4-hour charts are beginning to roll over in favor of the bears.

As such, the pair may decline to the psychological support of 105.00. A close above 105.70 is needed to revive the immediate bullish view.

Daily chart

Trend: Buyer fatigue

Technical levels

USD/JPY

Overview
Today last price	105.63
Today Daily Change	-0.03
Today Daily Change %	-0.03
Today daily open	105.66

Trends
Daily SMA20	105.6
Daily SMA50	105.82
Daily SMA100	106.65
Daily SMA200	107.6

Levels
Previous Daily High	105.73
Previous Daily Low	105.34
Previous Weekly High	105.7
Previous Weekly Low	104
Previous Monthly High	107.05
Previous Monthly Low	105.1
Daily Fibonacci 38.2%	105.58
Daily Fibonacci 61.8%	105.49
Daily Pivot Point S1	105.42
Daily Pivot Point S2	105.19
Daily Pivot Point S3	105.03
Daily Pivot Point R1	105.81
Daily Pivot Point R2	105.97
Daily Pivot Point R3	106.21

Author

Omkar Godbole

FXStreet Contributor

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

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