USD/JPY Technical Analysis: 6-week-old rising trendline, 108.30 on seller’s radar


  • 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

Trend: Bearish

additional important levels

Overview
Today last price 108.68
Today Daily Change -9 pips
Today Daily Change % -0.08%
Today daily open 108.77
 
Trends
Daily SMA20 108.75
Daily SMA50 108.14
Daily SMA100 107.68
Daily SMA200 109.02
 
Levels
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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