USD/JPY Technical Analysis: Bulls struggling to defend 200-hour SMA support

Haresh Menghani FXStreet

• The pair's intraday uptick faced rejection near 50-hour SMA, with bears now eyeing a follow-through weakness below 200-hour SMA amid notable USD supply.

• A decisive breakthrough 100-hour SMA and a subsequent weakness below the 113.30-25 horizontal support was seen as a key trigger for intraday bearish traders.

• Technical indicators on 4-hourly/daily charts have been gaining negative momentum but are already pointing to slightly oversold conditions on the 1-hourly chart.

• Hence, it would be prudent to wait for a minor bounce towards the 113.30-25 support turned resistance before initiating any fresh near-term bearish positions.

USD/JPY 1-hourly chart

USD/JPY

Overview:
    Today Last Price: 113.13
    Today Daily change: -26 pips
    Today Daily change %: -0.229%
    Today Daily Open: 113.39
Trends:
    Previous Daily SMA20: 113.2
    Previous Daily SMA50: 113
    Previous Daily SMA100: 112.37
    Previous Daily SMA200: 110.76
Levels:
    Previous Daily High: 113.7
    Previous Daily Low: 113.2
    Previous Weekly High: 113.71
    Previous Weekly Low: 112.24
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 113.39
    Previous Daily Fibonacci 61.8%: 113.51
    Previous Daily Pivot Point S1: 113.16
    Previous Daily Pivot Point S2: 112.94
    Previous Daily Pivot Point S3: 112.67
    Previous Daily Pivot Point R1: 113.65
    Previous Daily Pivot Point R2: 113.92
    Previous Daily Pivot Point R3: 114.14

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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