• 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
Daily SMA20 109.96
Daily SMA50 110.17
Daily SMA100 109.69
Daily SMA200 107.39
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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