USD/JPY Technical Analysis: 110.00 again comes into play

Anil Panchal FXStreet

USD/JPY daily chart

The USD/JPY pair trades positively towards confronting 110.00 at the initial hours of Asian session on Monday.
The round-figure has recently confined the pair’s upside multiple times and a break of which could trigger an upside targeting 110.30 and 50-day simple moving average (SMA) level of 110.50.
During the pair’s successful rise past-110.50, the 200-day SMA level of 111.25 and 111.80 including 100-day SMA can please the buyers.
On the downside, 50% Fibnacci Retracement of its October-January decline, at 109.60, becomes immediate support for the pair, breaking which 109.10 may gain market attention.
Additionally, pair’s drop under 109.10 can highlight the importance of an upward sloping trend-line, at 108.85.

USD/JPY 4-Hour chart

The H4 chart magnifies the importance of 110.00 horizontal resistance with 61.8% Fibonacci Retracement of its December – January slump, at 110.30, being following upside level to watch before targeting 110.50.
Meanwhile, 109.60 and the 109.10 can keep limiting nearby downside of the pair, a break of which can challenge sellers with an upward sloping support-line of 108.85.

USD/JPY hourly chart

On the hourly chart, 110.15 may act as intermediate halt during the pair’s rise after 110.00 and before 61.8% Fibonacci expansion of its recent upside, at 110.45.
Alternatively, 109.40 may offer as a buffer stop past-109.60 support-line break.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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