- USD/JPY drops to the eight-day low amid the on-going rush to risk-safety.
- Multiple resistances, bearish MACD keep buyers away.
Escalating protests in Hong Kong and uncertainty surrounding the US-China trade deal exert downside pressure on the USD/JPY pair as it drops to multi-day low while trading near 108.70 ahead of Thursday’s European session.
With the bearish signal from 12-bar Moving Average Convergence and Divergence (MACD), the quote is declining further towards the six-week-old rising support line, at 108.50 now. However, 108.30 confluence including 200-bar Simple Moving Average (SMA) and 38.2% Fibonacci retracement of October-November upside will challenge sellers afterward.
Given the bears’ dominance past-108.30, the monthly bottom close to 108.00 and 61.8% Fibonacci retracement level surrounding 107.60 could come back on the chart.
Alternatively, 109.00 acts as an immediate upside barrier for the pair while a break of which could shift buyer’s attention to a horizontal line around 109.30 and then to monthly top adjacent to 109.50.
During the quote’s run-up beyond 109.50, late-May tops near 110.00 and 110.70 could become bull’s favorites.
USD/JPY 4-hour chart
additional important levels
|Today last price||108.68|
|Today Daily Change||-9 pips|
|Today Daily Change %||-0.08%|
|Today daily open||108.77|
|Previous Daily High||109.15|
|Previous Daily Low||108.65|
|Previous Weekly High||109.49|
|Previous Weekly Low||108.1|
|Previous Monthly High||109.29|
|Previous Monthly Low||106.48|
|Daily Fibonacci 38.2%||108.84|
|Daily Fibonacci 61.8%||108.96|
|Daily Pivot Point S1||108.56|
|Daily Pivot Point S2||108.36|
|Daily Pivot Point S3||108.07|
|Daily Pivot Point R1||109.06|
|Daily Pivot Point R2||109.36|
|Daily Pivot Point R3||109.56|
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