USD/JPY technical analysis: 110.30/35 limits upside towards 4-week old resistance-line

Buyers rejected at immediate resistance-zone ahead of a trend-line barrier to the north.
The steady increase from 109.00 portrays strength in upside momentum.

Anil Panchal FXStreet

Gradual recovery from 109.00 seems struggling to clear immediate resistance area as USD/JPY trades near 110.20 ahead of Europe open on Tuesday.

Low of May 06 and highs marked afterward portray 110.30/35 as strong upside resistance for the pair near 38.2% Fibonacci retracement of its April to May downturn.

Should prices manage to clear 110.35 barriers, a run-up to descending trend-line stretched since April 24, at 110.55 can’t be denied.

Also, pair’s successful trade beyond 110.55 enables it to question 50% Fibonacci retracement level near 110.75 and 111.00 round-figure.

On the flipside, an upward sloping support-line from May 15 can limit the quote’s immediate declines near 109.80.

If sellers dominate past-109.80, 109.50 and 109.00 could come back to the charts.

USD/JPY 4-Hour chart

Trend: Pullback expected

1. R3 110.84
2. R2 110.58
3. R1 110.32
PP 110.06
1. S1 109.81
2. S2 109.55
3. S3 109.29

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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