USD/JPY Technical Analysis: Bulls trying to regain control, eyeing a move beyond 100/200-hour SMA

Haresh Menghani FXStreet

• The pair built on its steady recovery move from over two-week lows and has now climbed to fresh session tops, further beyond the 111.00 handle on the back of upbeat US monthly jobs report.

• The up-move is likely to confront stiff resistance at a confluence region, comprising of 100/200-hour SMAs and 61.8% Fibonacci retracement level of the decline over the past 24-hours.

• Beyond the mentioned cluster lies a previous ascending trend-line support break-point, now turned resistance, which if cleared should act as a key trigger for bullish traders.

USD/JPY 1-hourly chart

Spot Rate: 111.21
Daily Low: 110.38
Trend: Turning bullish again

Resistance
R1: 111.37 (ascending trend-line support turned resistance)
R2: 111.76 (overnight swing high)
R3: 112.00 (round figure mark)

Support
S1: 111.00 (50% Fibo. level)
S2: 110.62 (horizontal zone)
S3: 110.33 (S1 daily pivot-point)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD trims losses and returns to the 1.1750 area

The US Dollar resumed its decline in the American afternoon, helping EUR/USD trim early losses. The pair trades around 1.1750 as market participants gear up for the European Central Bank monetary policy decision and the United States Consumer Price Index.