USD/JPY technical analysis: Break of 109.00 highlights 108.70 for sellers

Break of 109.00 highlights 15-week old support-line.
RSI may raise questions for bears.

Anil Panchal FXStreet

Having slipped beneath 109.00, the USD/JPY pair is up for further weakness as it trades near 108.95 during early Friday.

A downward sloping trend-line since mid-February at 108.70 grabs the immediate attention of sellers ahead of diverting them to 50% Fibonacci retracement of January to April rise near 108.55.

However, oversold levels of 14-day relative strength index (RSI) could stop bears from portraying further declines, if not then 108.00 and 61.8% Fibonacci retracement near 107.70 can appear on their targets.

On the upside, March month bottom near 109.75 and a descending trend-line since April around 110.05 can limit near-term advances of the pair.

Given the price rally beyond 110.05, 23.6% Fibonacci retracement and 100-day simple moving average (SMA) confluence surrounding 110.60 can lure the bulls.

USD/JPY daily chart

Trend: Bearish

USD/JPY

Overview
Today last price	109.02
Today Daily Change	-60 pips
Today Daily Change %	-0.55%
Today daily open	109.62

Trends
Daily SMA20	109.91
Daily SMA50	110.81
Daily SMA100	110.59
Daily SMA200	111.39

Levels
Previous Daily High	109.93
Previous Daily Low	109.47
Previous Weekly High	110.68
Previous Weekly Low	109.27
Previous Monthly High	112.4
Previous Monthly Low	110.8
Daily Fibonacci 38.2%	109.75
Daily Fibonacci 61.8%	109.64
Daily Pivot Point S1	109.41
Daily Pivot Point S2	109.21
Daily Pivot Point S3	108.95
Daily Pivot Point R1	109.87
Daily Pivot Point R2	110.13
Daily Pivot Point R3	110.33

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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