USD/JPY Technical Analysis: Bearish breakdown to sub-112.00 level looks imminent

Haresh Menghani FXStreet

• The pair continued showing some resilience below 100-day SMA, with oversold conditions on hourly charts prompting some short-covering move in the last hour.

• However, technical indicators on the daily chart have started gaining negative momentum and hence, any attempted recovery seems more likely to be short-lived.

• The set-up clearly points to an eventual bearish breakthrough the mentioned support, paving the way for a test of sub-112.00 level in the near-term.

USD/JPY daily chart

USD/JPY

Overview:
    Today Last Price: 112.4
    Today Daily change: -35 pips
    Today Daily change %: -0.310%
    Today Daily Open: 112.75
Trends:
    Previous Daily SMA20: 113.21
    Previous Daily SMA50: 112.99
    Previous Daily SMA100: 112.39
    Previous Daily SMA200: 110.79
Levels:
    Previous Daily High: 113.52
    Previous Daily Low: 112.68
    Previous Weekly High: 113.71
    Previous Weekly Low: 112.24
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 113
    Previous Daily Fibonacci 61.8%: 113.2
    Previous Daily Pivot Point S1: 112.45
    Previous Daily Pivot Point S2: 112.14
    Previous Daily Pivot Point S3: 111.6
    Previous Daily Pivot Point R1: 113.29
    Previous Daily Pivot Point R2: 113.83
    Previous Daily Pivot Point R3: 114.13

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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