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.

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

 

 

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