USD/JPY Technical Analysis: 110.80 challenges recent upside momentum

USD/JPY trades around 110.65 ahead of European markets open on Wednesday.
The pair remains well passed the seven-week high and follows short-term ascending trend-channel.
However, the resistance line of the channel formation and 61.8% Fibonacci retracement of October to January decline, at 110.80, can challenge recent upside momentum.
Hence, buyers need to conquer the 110.80 mark on a daily closing basis prior to confronting the 200-day SMA level of 111.30 and October month low near 111.40.
Should there be a pullback, 110.30 and 110.00 could offer immediate support, a break of which drag the quote to 109.80 and 109.10.
During the pair’s extended downturn under 109.10, support-line of the channel, at 108.90, may become sellers’ favorite as it holds the gate for the pair’s drop to 108.50 and 108.00 supports.

Anil Panchal FXStreet

USD/JPY daily chart

Additional important levels:

Overview:
    Today Last Price: 110.65
    Today Daily change: 18 pips
    Today Daily change %: 0.16%
    Today Daily Open: 110.47
Trends:
    Daily SMA20: 109.62
    Daily SMA50: 110.3
    Daily SMA100: 111.69
    Daily SMA200: 111.28
Levels:
    Previous Daily High: 110.66
    Previous Daily Low: 110.34
    Previous Weekly High: 110.16
    Previous Weekly Low: 109.43
    Previous Monthly High: 110
    Previous Monthly Low: 104.75
    Daily Fibonacci 38.2%: 110.54
    Daily Fibonacci 61.8%: 110.46
    Daily Pivot Point S1: 110.33
    Daily Pivot Point S2: 110.18
    Daily Pivot Point S3: 110.01
    Daily Pivot Point R1: 110.64
    Daily Pivot Point R2: 110.8
    Daily Pivot Point R3: 110.95

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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