USD/JPY technical analysis: Bulls await a sustained move beyond 106.00 mark, 100-hour SMA

The USD/JPY pair extended its sideways consolidative price action through the early North-American session and remained confined in a narrow band below the 106.00 mark.
The mentioned handle nears 100-hour SMA, which if cleared decisively might be seen as a key trigger for bullish traders and set the stage for a further near-term appreciating move.

Haresh Menghani FXStreet

A sustained move beyond the said resistance might now assist the pair to surpass the 106.25 intermediate resistance and move back towards the 106.70-75 supply zone before eventually darting towards the 107.00 handle ahead of the next major hurdle near the 107.30-35 region.

However, technical indicators on the 1-hourly chart have just started moving in the positive territory but struggled to gain traction on 4-hourly/daily charts, warranting caution before aggressively positioning for any further near-term appreciating move.

Meanwhile, the downside is likely to remain cushioned by a support near mid-105.00s, below which the pair might turn vulnerable to slide further towards 105.30-25 intermediate support en-route the key 105.00 psychological mark and multi-year lows - around the 104.50-45 region.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price	105.84
Today Daily Change	0.09
Today Daily Change %	0.09
Today daily open	105.75

Trends
Daily SMA20	106.34
Daily SMA50	107.37
Daily SMA100	108.75
Daily SMA200	109.84

Levels
Previous Daily High	106.18
Previous Daily Low	105.59
Previous Weekly High	106.74
Previous Weekly Low	105.26
Previous Monthly High	109.01
Previous Monthly Low	107.21
Daily Fibonacci 38.2%	105.81
Daily Fibonacci 61.8%	105.95
Daily Pivot Point S1	105.5
Daily Pivot Point S2	105.25
Daily Pivot Point S3	104.92
Daily Pivot Point R1	106.09
Daily Pivot Point R2	106.42
Daily Pivot Point R3	106.67

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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