- USD/JPY remains sluggish after posting bullish candlestick above the key DMAs.
- Two-month-old horizontal area becomes a strong nut to crack for the buyers.
- Monthly low adds to the downside filters, bullish MACD backs the buyers.
USD/JPY aptly portrays the sluggish market conditions during early Friday, taking rounds to 110.40.
Even so, Thursday’s Doji candlestick and the pair’s sustained trading beyond 100 and 50-DMAs, amid bullish MACD signals, favor the buyers.
Though, a clear break of the broad 110.70–80 resistance zone, comprising multiple levels marked since June, becomes necessary for the USD/JPY to tighten the grips.
Following that, July’s peak of 111.70 and yearly high near 112.25 will be in focus.
Alternatively, 50-DMA and 100-DMA, near 110.20 and 109.70 in that order, restrict the USD/JPY pair’s short-term downside.
However, any further weakness past 100-DMA will be challenged by 109.30, the last month’s low near 109.00 and the monthly bottom surrounding 108.70.
USD/JPY: Daily chart
Trend: Further upside expected
Additional important levels
|Today last price||110.41|
|Today Daily Change||0.00|
|Today Daily Change %||0.00%|
|Today daily open||110.41|
|Previous Daily High||110.55|
|Previous Daily Low||110.32|
|Previous Weekly High||110.36|
|Previous Weekly Low||108.72|
|Previous Monthly High||111.66|
|Previous Monthly Low||109.06|
|Daily Fibonacci 38.2%||110.41|
|Daily Fibonacci 61.8%||110.46|
|Daily Pivot Point S1||110.3|
|Daily Pivot Point S2||110.2|
|Daily Pivot Point S3||110.07|
|Daily Pivot Point R1||110.53|
|Daily Pivot Point R2||110.65|
|Daily Pivot Point R3||110.76|
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