USD/JPY technical analysis: Bearish bias holds unless clearing 110.55/60 confluence

Latest recovery seems tepid bounce from short-term support.
Buyers may get a boost if crossing 110.60.

Anil Panchal FXStreet

Although 38.2% Fibonacci retracement triggered USD/JPY pullback to 109.55 during early Friday, pair’s weakness can’t be ignored unless clearing near-term important resistance confluence.

As a result, the break of 109.45 can exert fresh selling pressure towards current month low near 109.00 whereas 50% Fibonacci retracement of January to April upside, at 108.60, may flash on seller’s screen then after.

If at all bears dominate prices sentiment past-108.60, 108.00, 107.75 and 107.45 could become their favorites.

Alternatively, 110.00 round-figure may lure buyers in the process of latest U-turn ahead of pushing them to 110.55/60 resistance-confluence comprising 23.6% Fibonacci retracement and 100-day simple moving average (SMA).

It should be noted that an upside beyond 110.60 could validate the pair’s rise to 111.00 and 111.80.

USD/JPY daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	109.51
Today Daily Change	-9 pips
Today Daily Change %	-0.08%
Today daily open	109.6

Trends
Daily SMA20	110.42
Daily SMA50	110.98
Daily SMA100	110.54
Daily SMA200	111.42

Levels
Previous Daily High	110.37
Previous Daily Low	109.46
Previous Weekly High	110.2
Previous Weekly Low	109.02
Previous Monthly High	112.4
Previous Monthly Low	110.8
Daily Fibonacci 38.2%	109.8
Daily Fibonacci 61.8%	110.02
Daily Pivot Point S1	109.25
Daily Pivot Point S2	108.9
Daily Pivot Point S3	108.34
Daily Pivot Point R1	110.16
Daily Pivot Point R2	110.72
Daily Pivot Point R3	111.07

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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