USD/JPY Price Analysis: Triple-bottom looms, targeting profits around 117.00

The USD/JPY is set to finish the week with losses, so far down 0.59%.
A dismal market mood weighed on US Treasury yields and the USD/JPY.
USD/JPY Technical Outlook: A triple-bottom formation targets 117.48.

Christian Borjon Valencia FXStreet

On Friday, the USD/JPY retreats from the double-bottom “neckline” at around 115.80 to weekly lows, negating the chart pattern late in the New York session. At 114.85, the USD/JPY reflects the risk-off market mood due to increasing tensions on the Russia-Ukraine conflict.

Global equity indexes recorded losses on a busy day on Friday. The greenback would finish the week with gains, up 0.88%, sitting at 98.583. Meanwhile, US Treasury yields drop to 1.726%, a loss of eleven basis points, a headwind for the USD/JPY pair.

During the overnight session, for North American traders, the USD/JPY was seesawing around the 115.25-115-55 range, but as American traders got to their desks, it plummeted towards high 114.60s.

USD/JPY Price Forecast: Technical outlook

The USD/JPY is upward biased, as depicted by the daily moving averages (DMAs) residing below the spot price, except for the 50-DMA. USD/JPY failure to clear the neckline exerted downward pressure on the pair, but the trend stalled around previous lows that formed the double-bottom. That said, a triple-bottom chart pattern looms

The USD/JPY first resistance level would be the neckline around 115.78. Breach of the latter would expose 116.00, followed by the YTD high at 116.35, and the triple-bottoms target at 117.48.

USD/JPY

Overview
Today last price	114.81
Today Daily Change	-0.63
Today Daily Change %	-0.55
Today daily open	115.44

Trends
Daily SMA20	115.3
Daily SMA50	115.03
Daily SMA100	114.45
Daily SMA200	112.38

Levels
Previous Daily High	115.81
Previous Daily Low	115.38
Previous Weekly High	115.76
Previous Weekly Low	114.41
Previous Monthly High	116.34
Previous Monthly Low	114.16
Daily Fibonacci 38.2%	115.55
Daily Fibonacci 61.8%	115.65
Daily Pivot Point S1	115.28
Daily Pivot Point S2	115.12
Daily Pivot Point S3	114.86
Daily Pivot Point R1	115.7
Daily Pivot Point R2	115.97
Daily Pivot Point R3	116.13

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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