USD/JPY Technical Analysis: Doji on D1, 200-day SMA question buyers

USD/JPY rises to 23.6% Fibonacci retracement after posting a Doji on Friday.
200-day SMA keeps the quote’s upside capped for the last two weeks.
50-day SMA, 38.2% Fibonacci retracement limit near-term declines.

Anil Panchal FXStreet

Although it is trading near a four day high, around 108.75 by the press time of early Monday, the USD/JPY pair confronts short-term resistance following a trend reversal candlestick formation flashed the previous day.

With the Friday’s Doji candlestick formation on the daily (D1) chart increasing odds for the pair’s pullback, sellers look for entry below 50-day Simple Moving Average (SMA) and 38.2% Fibonacci retracement of October-November upside, around 108.35/30.

In doing so, the monthly bottom surrounding 107.90 and 61.8% Fibonacci retracement level close to 107.62 will be on bears’ radar.

Alternatively, pair’s upside beyond 23.6% Fibonacci retracement of 108.80 will need to cross a 200-day SMA level of 109.00, which in turn could propel prices towards the monthly top around 109.50.

USD/JPY daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	108.78
Today Daily Change	15 pips
Today Daily Change %	0.14%
Today daily open	108.63

Trends
Daily SMA20	108.76
Daily SMA50	108.29
Daily SMA100	107.72
Daily SMA200	108.96

Levels
Previous Daily High	108.73
Previous Daily Low	108.47
Previous Weekly High	109.08
Previous Weekly Low	108.28
Previous Monthly High	109.29
Previous Monthly Low	106.48
Daily Fibonacci 38.2%	108.63
Daily Fibonacci 61.8%	108.57
Daily Pivot Point S1	108.49
Daily Pivot Point S2	108.35
Daily Pivot Point S3	108.23
Daily Pivot Point R1	108.75
Daily Pivot Point R2	108.87
Daily Pivot Point R3	109.01

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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