USD/JPY Technical Analysis: Bulls defend 200-hour SMA/61.8% Fibo. confluence support, at least for now

Haresh Menghani FXStreet

• The pair extended the overnight dismal US data-led retracement slide from YTD tops and remained under some selling pressure for the second consecutive session on Friday.

• The downward momentum has now dragged the pair closer to confluence support, comprising of 200-hour SMA and 61.8% Fibo. level of the 109.61-111.13 recent leg of an up-move.

• Technical indicators on the 4-hourly chart have just started gaining negative momentum but are on the verge of dropping into the oversold zone on the 1-hourly chart, warranting some caution.

• Hence, traders are likely to wait for a sustained break below the mentioned support before positioning for any further near-term downside amid bullish oscillators on the daily chart.

USD/JPY 1-hourly chart

USD/JPY

Overview:
    Today Last Price: 110.33
    Today Daily change %: -0.17%
    Today Daily Open: 110.52
Trends:
    Daily SMA20: 109.78
    Daily SMA50: 110.21
    Daily SMA100: 111.65
    Daily SMA200: 111.3
Levels:
    Previous Daily High: 111.13
    Previous Daily Low: 110.45
    Previous Weekly High: 110.16
    Previous Weekly Low: 109.43
    Previous Monthly High: 110
    Previous Monthly Low: 104.75
    Daily Fibonacci 38.2%: 110.71
    Daily Fibonacci 61.8%: 110.87
    Daily Pivot Point S1: 110.27
    Daily Pivot Point S2: 110.02
    Daily Pivot Point S3: 109.6
    Daily Pivot Point R1: 110.95
    Daily Pivot Point R2: 111.38
    Daily Pivot Point R3: 111.62

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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