USD/JPY Technical Analysis: Dips to descending trend-channel support might still be seen as a buying opportunity

Haresh Menghani FXStreet

• The pair continued with its good two-way price action within a narrow trading range and has been struggling to build on the momentum beyond the 112.00 handle/100-hour SMA.

• Meanwhile, the recent pullback from YTD tops has been along a short-term descending trend-channel, which constitutes towards the formation of a bullish continuation flag chart pattern.

• Technical indicators on hourly charts have been losing momentum but maintained their bullish bias on the daily chart, suggesting some dip-buying interest to emerge at lower levels.

• Hence, any meaningful slide towards the trend-channel support, currently near the 111.60 region, might still be looked upon as an opportunity to initiate some fresh bullish positions.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price	111.79
Today Daily Change	-0.07
Today Daily Change %	-0.06
Today daily open	111.86

Trends
Daily SMA20	111.53
Daily SMA50	111.24
Daily SMA100	110.77
Daily SMA200	111.51

Levels
Previous Daily High	112.04
Previous Daily Low	111.65
Previous Weekly High	112.17
Previous Weekly Low	111.76
Previous Monthly High	112.14
Previous Monthly Low	109.71
Daily Fibonacci 38.2%	111.8
Daily Fibonacci 61.8%	111.89
Daily Pivot Point S1	111.66
Daily Pivot Point S2	111.47
Daily Pivot Point S3	111.28
Daily Pivot Point R1	112.05
Daily Pivot Point R2	112.23
Daily Pivot Point R3	112.43

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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