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

Haresh Menghani FXStreet

• 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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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