USD/JPY Technical Analysis: Descending trend-line might cap any attempted positive move


  • Remains confined in a three-day-old trading range around mid-108.00s.
  • The set-up favours further near-term fall, albeit warrant some caution.

The USD/JPY pair traded with a mild negative bias through the early European session on Friday, albeit remained confined well within a three-day-old trading range around mid-108.00s.
 
Given that the pair has repeatedly failed to find acceptance above the very important 200-day SMA, the bias seems tilted in favour of bearish traders and support prospects for further declines.
 
The near-term negative outlook is further reinforced by the fact that the pair has been drifting lower along a descending trend-line, which should keep a lid on any attempted recovery move.
 
Meanwhile, technical indicators on the daily chart haven't been supportive of any firm direction and warrant some caution before placing any aggressive bearish bets amid mixed trade headlines.
 
Conversely, a sustained move beyond the trend-line resistance, currently near the 108.80 region and a subsequent breakthrough the 109.00 handle (200-DMA) might negate the bearish bias.

USD/JPY daily chart

fxsoriginal

USD/JPY

Overview
Today last price 108.52
Today Daily Change -0.10
Today Daily Change % -0.09
Today daily open 108.62
 
Trends
Daily SMA20 108.76
Daily SMA50 108.28
Daily SMA100 107.72
Daily SMA200 108.97
 
Levels
Previous Daily High 108.7
Previous Daily Low 108.28
Previous Weekly High 109.3
Previous Weekly Low 108.23
Previous Monthly High 109.29
Previous Monthly Low 106.48
Daily Fibonacci 38.2% 108.54
Daily Fibonacci 61.8% 108.44
Daily Pivot Point S1 108.37
Daily Pivot Point S2 108.11
Daily Pivot Point S3 107.94
Daily Pivot Point R1 108.79
Daily Pivot Point R2 108.96
Daily Pivot Point R3 109.21

 

 

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