USD/JPY technical analysis: Bears look regain control, likely to aim towards challenging 109.00 mark


   •  After showing some resilience near 100-hour SMA, the USD/JPY pair finally broke down of its European session consolidation phase and refreshed session lows in the last hour.

   •  Deteriorating risk sentiment continued benefitting the Japanese Yen's relative safe-haven status and has been one of the key factors exerting fresh downward pressure on Friday.

   •  The mentioned moving average coincides with a descending trend-line resistance break-point, cleared on Thursday and might now be seen as a key trigger for bearish traders. 

Meanwhile, oscillators on the daily chart have already recovered from oversold conditions and again started gaining negative momentum on hourly charts, suggesting that the corrective bounce might have already run out of the steam.

Moreover, the fact that the pair failed to capitalize on this week’s recovery move from three-month lows and a subsequent rejection near the key 110.00 psychological mark on Friday indicates that the recent bearish slide might still be far from over. 

Hence, a follow-through weakness, amid absent relevant market moving economic releases from the US, looks a distinct possibility. The 109.30-25 region now becomes immediate downside, target before the pair aim towards retest the 109.00 handle.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price 109.55
Today Daily Change -0.30
Today Daily Change % -0.27
Today daily open 109.85
 
Trends
Daily SMA20 110.87
Daily SMA50 111.1
Daily SMA100 110.5
Daily SMA200 111.44
Levels
Previous Daily High 109.97
Previous Daily Low 109.33
Previous Weekly High 110.96
Previous Weekly Low 109.46
Previous Monthly High 112.4
Previous Monthly Low 110.8
Daily Fibonacci 38.2% 109.73
Daily Fibonacci 61.8% 109.58
Daily Pivot Point S1 109.46
Daily Pivot Point S2 109.08
Daily Pivot Point S3 108.83
Daily Pivot Point R1 110.1
Daily Pivot Point R2 110.35
Daily Pivot Point R3 110.74

 

 

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