USD/JPY technical analysis: Break of 100-DMA, 3.5-month-old trend-line favors further upside


  • USD/JPY takes the bids towards 50% Fibonacci retracement level.
  • Overbought RSI conditions could raise barriers during further advances.

USD/JPY surges to 108.15, backed by successful break of 100-day simple moving average (DMA) and a falling trend-line since late-April, amid initial Friday trading.

The pair now aims for 50% Fibonacci retracement of April-August declines, at 108.45. However, overbought conditions of 14-day relative strength index (RSI) could question pair’s extra upside.

In a case buyers ignore overbought RSI, 109.32/43 area including August high, 61.8% Fibonacci retracement and 200-DMA becomes the key to watch.

Meanwhile, a downside break below previous resistance, at 108.00, can trigger fresh declines to 38.2% Fibonacci retracement level of 107.50 whereas 21-DMA at 106.65 could keep additional declines limited.

USD/JPY daily chart

Trend: bullish

additional important levels

Overview
Today last price 108.15
Today Daily Change 5 pips
Today Daily Change % 0.05%
Today daily open 108.1
 
Trends
Daily SMA20 106.58
Daily SMA50 107.16
Daily SMA100 108.15
Daily SMA200 109.45
Levels
Previous Daily High 108.19
Previous Daily Low 107.52
Previous Weekly High 107.23
Previous Weekly Low 105.74
Previous Monthly High 109.32
Previous Monthly Low 104.45
Daily Fibonacci 38.2% 107.93
Daily Fibonacci 61.8% 107.78
Daily Pivot Point S1 107.68
Daily Pivot Point S2 107.27
Daily Pivot Point S3 107.01
Daily Pivot Point R1 108.36
Daily Pivot Point R2 108.61
Daily Pivot Point R3 109.03

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD tension remains elevated ahead of the Fed

EUR/USD is trading around 1.1050, confined to a narrow range ahead of the all-important Fed decision. Chair Powell is set to cut rates by 25bps but signal no further stimulus is on the cards.

EUR/USD News

GBP/USD extends its falls to 1.2450 amid weak UK inflation, Brexit impasse

GBP/USD has dropped to around 1.2450 as UK headline CPI missed with 1.7% in August. Brexit negotiations remain stuck according to Chief EU negotiator Barnier. The Fed decision is eyed.

GBP/USD News

USD/JPY holds on to recovery gains above 108.00 ahead of Fed

Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.

USD/JPY News

Gold: Pivots around $1500 mark, awaits FOMC policy update

Gold extended its sideways consolidative price action through the early European session on Wednesday and was seen pivoting around the key $1500 psychological mark, awaiting FOMC policy decision.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Cryptos seeing multiple launches into the universe

The Altcoin market has quickly confirmed Tuesday’s analysis with flashing rises in the last 24 hours. The two eternal aspirants to lead the crypto market – Ethereum and XRP – are rising sharply against Bitcoin and increasing its value rapidly.

Read more

Forex MAJORS

Cryptocurrencies

Signatures