USD/JPY technical analysis: Bearish bias remains, upside seems capped at 100-hour SMA


   •  The USD/JPY pair failed to capitalize on the overnight bounce from the 109.00 neighbourhood and met with some fresh supply during the Asian session on Wednesday.

   •  The optimism over US car tariff delay turned out to be short-lived and the pair again struggled to find acceptance above 100-hour SMA amid reviving safe-haven demand.

Looking at a slightly broader picture, the pair remains well within a broader trading range held since the beginning of this week and hence, it would be prudent to wait for a convincing break before traders start positioning for the next leg of a directional move.

Given that the pair has repeatedly faced rejection at higher levels, bearish technical indicators on hourly/daily charts support prospects for an eventual break on the downside and an extension of the recent/well-established near-term bearish trend.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price 109.4
Today Daily Change -0.19
Today Daily Change % -0.17
Today daily open 109.59
 
Trends
Daily SMA20 110.97
Daily SMA50 111.14
Daily SMA100 110.51
Daily SMA200 111.45
Levels
Previous Daily High 109.71
Previous Daily Low 109.15
Previous Weekly High 110.96
Previous Weekly Low 109.46
Previous Monthly High 112.4
Previous Monthly Low 110.8
Daily Fibonacci 38.2% 109.37
Daily Fibonacci 61.8% 109.5
Daily Pivot Point S1 109.26
Daily Pivot Point S2 108.93
Daily Pivot Point S3 108.71
Daily Pivot Point R1 109.82
Daily Pivot Point R2 110.04
Daily Pivot Point R3 110.37

 

 

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