USD/JPY Technical Analysis: Continues to find decent support at 100-day SMA

Haresh Menghani FXStreet

• The pair once again managed to find decent support near 100-day SMA and has now recovered early lost ground back closer to over one-month lows, set last Thursday.

USD/JPY daily chart

• The pair now seems to have formed a bullish reversal - double bottom pattern on the 1-hourly chart, though bulls might face difficulty in making it through 100-hour SMA.

• Mixed technical indicators on hourly/daily charts haven't been supportive of a firm near-term direction and might hold back traders from initiating any aggressive bets.

• Hence, it would be prudent to wait for a convincing breakthrough the 100-hour SMA hurdle or 100-day SMA support before positioning for the next leg of a directional move.

USD/JPY

Overview:
    Today Last Price: 112.71
    Today Daily change: 8.0 pips
    Today Daily change %: 0.0710%
    Today Daily Open: 112.63
Trends:
    Previous Daily SMA20: 113.23
    Previous Daily SMA50: 113.06
    Previous Daily SMA100: 112.26
    Previous Daily SMA200: 110.58
Levels:
    Previous Daily High: 112.93
    Previous Daily Low: 112.55
    Previous Weekly High: 113.83
    Previous Weekly Low: 112.23
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 112.7
    Previous Daily Fibonacci 61.8%: 112.79
    Previous Daily Pivot Point S1: 112.48
    Previous Daily Pivot Point S2: 112.33
    Previous Daily Pivot Point S3: 112.1
    Previous Daily Pivot Point R1: 112.86
    Previous Daily Pivot Point R2: 113.08
    Previous Daily Pivot Point R3: 113.24

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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