USD/JPY Technical Analysis: 50-DMA questions break of two-month-old rising trendline

Break of short-term support line, now resistance, drags USD/JPY to eight days’ low.
23.6% Fibonacci retracement adds strength to the support.
200-DMA offers additional resistance beyond the trend line.

Anil Panchal FXStreet

USD/JPY drops to 108.50 during early Wednesday. That said, the pair nears multi-day low after breaking a two-month-old rising trend line during the previous day.

Currently, 50-Day Simple Moving Average (DMA) and 23.6% Fibonacci retracement of its rise since August restrict the pair’s immediate declines around 108.50.

Though, bearish signals from 12-bar Moving Average Convergence and Divergence (MACD) push the sellers to watch over 107.80/70 area, comprising 100-DMA and 38.2% Fibonacci retracement, in a case of the pair’s declines below 108.50.

If prices bounce back beyond support-turned-resistance line around 108.75/80, 200-DMA at 108.90 and early-November top surrounding 109.50 can offer intermediate halts to the quote’s run-up towards the monthly high near 109.75 and 110.00 afterward.

USD/JPY daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	108.52
Today Daily Change	-11 pips
Today Daily Change %	-0.10%
Today daily open	108.63

Trends
Daily SMA20	108.93
Daily SMA50	108.48
Daily SMA100	107.78
Daily SMA200	108.9

Levels
Previous Daily High	109.21
Previous Daily Low	108.48
Previous Weekly High	109.67
Previous Weekly Low	108.63
Previous Monthly High	109.67
Previous Monthly Low	107.89
Daily Fibonacci 38.2%	108.76
Daily Fibonacci 61.8%	108.93
Daily Pivot Point S1	108.34
Daily Pivot Point S2	108.05
Daily Pivot Point S3	107.62
Daily Pivot Point R1	109.07
Daily Pivot Point R2	109.5
Daily Pivot Point R3	109.79

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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