USD/JPY technical analysis: Choppy inside short-term range, more data from Japan awaited

USD/JPY carries a week-long trading range ignoring early-day PMI.
200-HMA can offer immediate support, 109.00 to question the break over resistance.

Anil Panchal FXStreet

Following its short-term trading range, the USD/JPY pair takes another U-turn from the range resistance while taking rounds to 108.62 during Thursday’s Asian session.

200-Hour Simple Moving Average (HMA) at 108.55 seems to offer immediate support ahead of the range’s lower-end close to 108.25.

In a case of pair’s further declines below 108.25, prices could drop to 108.00 whereas 107.50 might question bears afterward.

On the upside, pair’s rise past-108.75, including range resistance, could recall 109.00 on the chart. However, August month high near 109.30 may limit the quote’s additional rise.

It’s worth pointing out that after the downbeat performance of Preliminary reading for Jibun Bank Manufacturing PMI for October, 48.5 versus 48.8 forecast, August month Leading Economic Index and Coincident Index will be observed for immediate direction by the Japanese Yen (JPY) traders.

USD/JPY hourly chart

Trend: sideways

additional important levels

Overview
Today last price	108.62
Today Daily Change	-0.07
Today Daily Change %	-0.06%
Today daily open	108.69

Trends
Daily SMA20	107.98
Daily SMA50	107.36
Daily SMA100	107.57
Daily SMA200	109.07

Levels
Previous Daily High	108.7
Previous Daily Low	108.25
Previous Weekly High	108.94
Previous Weekly Low	108.03
Previous Monthly High	108.48
Previous Monthly Low	105.74
Daily Fibonacci 38.2%	108.53
Daily Fibonacci 61.8%	108.42
Daily Pivot Point S1	108.39
Daily Pivot Point S2	108.09
Daily Pivot Point S3	107.93
Daily Pivot Point R1	108.85
Daily Pivot Point R2	109.01
Daily Pivot Point R3	109.31

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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