USD/JPY Technical Analysis: Bulls remain in control, challenging ascending trend-line hurdle

Haresh Menghani FXStreet

• The pair continued gaining positive traction for the third consecutive session on Friday and climbed to the 112.00 neighbourhood, or fresh YTD tops in the last hour.

• The overnight move beyond the very important 200-day SMA, for the first time since Dec. 27 was seen as a key trigger behind the pair’s follow-through surge on Friday.

• The pair is now testing a short-term ascending trend-line hurdle, which might now keep a lid on any subsequent up-move amid slightly overbought conditions hourly charts.

• However, oscillators on the daily chart support prospects for an eventual bullish breakthrough, paving the way for additional gains towards testing the 112.25 level.

USD/JPY daily chart

USD/JPY

Overview:
    Today Last Price: 111.91
    Today Daily change: 44 pips
    Today Daily change %: 0.39%
    Today Daily Open: 111.47
Trends:
    Daily SMA20: 110.46
    Daily SMA50: 109.8
    Daily SMA100: 111.38
    Daily SMA200: 111.32
Levels:
    Previous Daily High: 111.5
    Previous Daily Low: 110.66
    Previous Weekly High: 110.96
    Previous Weekly Low: 110.42
    Previous Monthly High: 111.5
    Previous Monthly Low: 108.73
    Daily Fibonacci 38.2%: 111.17
    Daily Fibonacci 61.8%: 110.98
    Daily Pivot Point S1: 110.92
    Daily Pivot Point S2: 110.37
    Daily Pivot Point S3: 110.08
    Daily Pivot Point R1: 111.76
    Daily Pivot Point R2: 112.05
    Daily Pivot Point R3: 112.6

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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