USD/JPY Price Analysis: Upside needs validation above 114.00 along with ascending trendline


  • USD/JPY extends the previous session’s gains on Tuesday in the European session.
  • The ascending trendline from the lows of 109.21 acts as a defensive for the bulls.
  • The Momentum oscillator holds onto the overbought zone warrants caution for the pair.

USD/JPY picks up the momentum in the European trading hours. The pair opened lower but recovered swiftly to touch intraday high at 113.97, where it currently hovers.

USD/JPY daily chart

On the daily chart, the USD/JPY pair has been riding higher after testing the low of 109.12 on September 22. The pair rallied toward a four-year high at 114.69 on Wednesday. The pair retreated toward the low of 113.45 in a span of three days, before bouncing back to near 114.00.

If the price breaks above 114.00 then the USD/JPY bulls could advance toward the 114.50 horizontal resistance level. Further, a daily close above the mentioned level could bring March, 2017 highs of 115.50 back into the picture.

Alternatively, a decisive break of the ascending trendline from the lows of 109.12, would seek the 113.50 horizontal support level, followed by the low made on October, 12 at 113.00. Any downtick in the overbought Moving Average Convergence Divergence (MACD) could bring more selling opportunities toward the 112.50 horizontal support level.

USD/JPY additional levels

USD/JPY

Overview
Today last price 113.97
Today Daily Change 0.25
Today Daily Change % 0.22
Today daily open 113.72
 
Trends
Daily SMA20 112.78
Daily SMA50 111.05
Daily SMA100 110.61
Daily SMA200 109.22
 
Levels
Previous Daily High 113.92
Previous Daily Low 113.46
Previous Weekly High 114.7
Previous Weekly Low 113.41
Previous Monthly High 112.08
Previous Monthly Low 109.11
Daily Fibonacci 38.2% 113.75
Daily Fibonacci 61.8% 113.64
Daily Pivot Point S1 113.48
Daily Pivot Point S2 113.23
Daily Pivot Point S3 113.01
Daily Pivot Point R1 113.94
Daily Pivot Point R2 114.17
Daily Pivot Point R3 114.41

 


 

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