USD/JPY Technical Analysis: Bulls attempt a fresh move beyond 109.00 mark, 200-DMA

The USD/JPY pair built on the previous session’s positive move.
Multi-month-old ascending trend-line might cap further gains.

Haresh Menghani FXStreet

The USD/JPY pair gained some follow-through traction for the second consecutive session on Monday, with bulls making a fresh attempt to build on the momentum beyond the 109.00 handle.

The mentioned handle coincides with the very important 200-day SMA, above which the momentum could further get extended back towards the recent swing highs – around the 109.45-50 region.

This is closely followed by over three-month-old ascending trend-line resistance, which if cleared decisively might be seen as a key trigger for bullish traders and pave the way for additional gains.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and reinforce the constructive set-up, albeit slightly overbought conditions on hourly charts warrant some caution.

Hence, it will be prudent to wait for a sustained breakthrough the ascending trend-line resistance before positioning for any further appreciating move, possible beyond the key 110.00 psychological mark.

On the flip side, immediate support is now pegged near mid-108.00s, below which the pair might turn vulnerable and accelerate the fall towards testing sub- 108.00 levels (the 108.00-107.90 region).

USD/JPY daily chart

USD/JPY

Overview
Today last price	109.01
Today Daily Change	0.19
Today Daily Change %	0.17
Today daily open	108.82

Trends
Daily SMA20	108.76
Daily SMA50	108.21
Daily SMA100	107.7
Daily SMA200	109.01

Levels
Previous Daily High	108.86
Previous Daily Low	108.38
Previous Weekly High	109.3
Previous Weekly Low	108.23
Previous Monthly High	109.29
Previous Monthly Low	106.48
Daily Fibonacci 38.2%	108.67
Daily Fibonacci 61.8%	108.56
Daily Pivot Point S1	108.51
Daily Pivot Point S2	108.2
Daily Pivot Point S3	108.02
Daily Pivot Point R1	108.99
Daily Pivot Point R2	109.17
Daily Pivot Point R3	109.47

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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