USD/JPY technical analysis: Bulls trying to seize control above 4-month old descending trend-line


  • US-China trade optimism continues to fuel the ongoing bullish momentum.
  • Sustained move beyond mid-108.00s will set the stage for additional gains.

The USD/JPY pair finally broke out of its daily consolidative trading range and jumped to near two-week tops, around the 108.25 region in the last hour.
 
A sustained move above 100-day EMA was seen as a key trigger for bullish traders and remained supportive of some follow-through buying interest on Friday.
 
The pair is now trying to build on the momentum further beyond a four-month-old descending trend-line resistance amid growing US-China trade optimism.
 
This is closely followed by 50% Fibonacci retracement level of the 112.40-104.45 downfall, which if cleared will set the stage for a further near-term appreciating move.
 
Beyond the said hurdle around mid-108.00s, the pair is likely to aim towards reclaiming the 109.00 handle en-route 61.8% Fibo. resistance near the 109.30-35 region.
 
On the flip side, any meaningful pullback now seems to find some support near the 107.85 region (100-day EMA), which if broken might negate the constructive outlook.

USD/JPY daily chart

fxsoriginal

USD/JPY

Overview
Today last price 108.25
Today Daily Change 0.28
Today Daily Change % 0.26
Today daily open 107.97
 
Trends
Daily SMA20 107.66
Daily SMA50 106.92
Daily SMA100 107.6
Daily SMA200 109.07
 
Levels
Previous Daily High 108.02
Previous Daily Low 107.03
Previous Weekly High 108.48
Previous Weekly Low 106.48
Previous Monthly High 108.48
Previous Monthly Low 105.74
Daily Fibonacci 38.2% 107.64
Daily Fibonacci 61.8% 107.41
Daily Pivot Point S1 107.32
Daily Pivot Point S2 106.68
Daily Pivot Point S3 106.33
Daily Pivot Point R1 108.31
Daily Pivot Point R2 108.66
Daily Pivot Point R3 109.3

 

 

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