USD/JPY technical analysis: Buyers will look for a decisive break of 109.00

USD/JPY stays positive beyond 50% Fibonacci retracement.
Bullish MACD, repeated attempts to clear key resistance highlight the strength of buying momentum.

Anil Panchal FXStreet

With its sustained trading beyond 50% Fibonacci retracement of April-August downpour, USD/JPY again confronts 200-day EMA while taking rounds to 108.75 during early Monday.

Not only frequent pullbacks from the key Fibonacci retracement level but bullish signal by 12-bar Moving Average Convergence and Divergence (MACD) indicator also portrays strength in underlying momentum.

As a result, a daily closing beyond the 200-day Exponential Moving Average (EMA) level of 108.75 will not be enough to lure bulls as they will wait for confirmation above monthly top near 109.00.

In doing so, August month top and 61.8% Fibonacci retracement level close to 109.35/40 will be their first target while looking at the 110.00 round-figure.

On the downside, pair’s daily closing below 50% Fibonacci retracement level of 108.40 can drag the quote to the two-month-old rising trend line, around 107.70, a break of which will be the key to watch sellers aiming at monthly bottom around 106.50.

USD/JPY daily chart

Trend: bullish

additional important levels

Overview
Today last price	108.75
Today Daily Change	0.09
Today Daily Change %	0.08%
Today daily open	108.66

Trends
Daily SMA20	108.05
Daily SMA50	107.46
Daily SMA100	107.58
Daily SMA200	109.06

Levels
Previous Daily High	108.78
Previous Daily Low	108.51
Previous Weekly High	108.78
Previous Weekly Low	108.25
Previous Monthly High	108.48
Previous Monthly Low	105.74
Daily Fibonacci 38.2%	108.67
Daily Fibonacci 61.8%	108.61
Daily Pivot Point S1	108.52
Daily Pivot Point S2	108.38
Daily Pivot Point S3	108.25
Daily Pivot Point R1	108.79
Daily Pivot Point R2	108.92
Daily Pivot Point R3	109.06

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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