USD/JPY Technical Analysis: Buyers look for entry beyond 1-week-old resistance trendline

USD/JPY stays above 200-bar SMA amid bullish MACD.
Monthly high holds the key to 110.00.
50% of Fibonacci retracement acts as additional support.

Anil Panchal FXStreet

USD/JPY remains positive above 200-bar SMA while taking the bids to 108.83 amid initial trading hours on Monday.

The pair nears a short-term falling resistance line, at 108.95, a break of which could escalate the recent recovery to the monthly high close to 109.50. However, May 30 top close to 109.95 and 110.00 round-figure could question the pair’s further upside.

In a case where buyers keep the reins beyond 110.00, May 21 high of 110.67 will come back on the chart.

Also supporting the price run-up is the bullish signal by the 12-bar Moving Average Convergence and Divergence (MACD) indicator.

Meanwhile, a downside break of 200-bar Simple Moving Average (SMA), at 108.40 now, can drag the quote to 50% Fibonacci retracement level of October-November upside, at 108.00.

Additionally, the monthly bottom surrounding 107.88 and 61.8% Fibonacci retracement level of 107.60 could entertain sellers afterward.

USD/JPY 4-hour chart

Trend: Bullish

additional important levels

Overview
Today last price	108.82
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	108.82

Trends
Daily SMA20	108.76
Daily SMA50	108.21
Daily SMA100	107.7
Daily SMA200	109.01

Levels
Previous Daily High	108.86
Previous Daily Low	108.38
Previous Weekly High	109.3
Previous Weekly Low	108.23
Previous Monthly High	109.29
Previous Monthly Low	106.48
Daily Fibonacci 38.2%	108.67
Daily Fibonacci 61.8%	108.56
Daily Pivot Point S1	108.51
Daily Pivot Point S2	108.2
Daily Pivot Point S3	108.02
Daily Pivot Point R1	108.99
Daily Pivot Point R2	109.17
Daily Pivot Point R3	109.47

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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