USD/JPY technical analysis: Challenging weekly highs ahead of the Tokyo Consumer Price Index

USD/JPY is challenging the weekly highs ahead of the release of the Tokyo inflation at 23:30 GMT.
The levels to beat for bulls are at the 106.77 and 107.07 resistances.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading in the upper half of its weekly range while trading below its main daily simple moving averages (DSMAs). The market is holding above the 106.00 handle as the bear trend is currently on hold.

USD/JPY 4-hour chart

USD/JPY is challenging the 106.55 resistance. Bulls would need a daily close above 106.77 resistance to drive the market towards 107.07, 107.22 and 107.77 resistance levels, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

Dollar/Yen is trading above its main SMAs, suggesting bullish momentum in the near term. Immediate support is seen at 106.30, 105.12 and 105.90 according to the Technical Confluences Indicator. The Tokyo Consumer Price Index at 23:30 GMT can lead to high volatility in JPY-related pairs.

Additional key levels

USD/JPY

Overview
Today last price	106.5
Today Daily Change	0.38
Today Daily Change %	0.36
Today daily open	106.12

Trends
Daily SMA20	106.21
Daily SMA50	107.33
Daily SMA100	108.71
Daily SMA200	109.8

Levels
Previous Daily High	106.23
Previous Daily Low	105.65
Previous Weekly High	106.74
Previous Weekly Low	105.26
Previous Monthly High	109.01
Previous Monthly Low	107.21
Daily Fibonacci 38.2%	106.01
Daily Fibonacci 61.8%	105.87
Daily Pivot Point S1	105.77
Daily Pivot Point S2	105.42
Daily Pivot Point S3	105.2
Daily Pivot Point R1	106.35
Daily Pivot Point R2	106.58
Daily Pivot Point R3	106.93

Author

Flavio Tosti

Independent Analyst

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