USD/JPY technical analysis: Down but not out, remains on hunt for 200-day MA hurdle


  • USD/JPY is flashing red but remains in a bullish territory on the daily chart. 
  • A flag breakout confirmed on Tuesday is still valid. 
  • The pair remains on track to test key resistance at 109.06.

The USD/JPY pair is currently trading near 108.70, representing 0.15% losses on the day. 

The pair has come under pressure in the Asian session, possibly due to the Sino-Us political friction and the haven demand for the anti-risk Yen. 

Even so, the technical bias remains bullish as a bull flag breakout confirmed on Tuesday is still valid. 

The flag breakout is a continuation pattern that usually accelerates the preceding bullish move (104.45 to 108.48). 

The pair, therefore, looks set to test the 200-day moving average (MA) hurdle at 109.06. The bullish case looks stronger if we take into account the ascending 5- and 10-day MAs and the above-50 reading on the relative strength index. 

Further, the MACD histogram is printing higher bars above the zero line, signaling a strengthening of bullish momentum. 

Daily chart

Trend: Bullish

Technical levels

USD/JPY

Overview
Today last price 108.69
Today Daily Change -0.17
Today Daily Change % -0.15
Today daily open 108.86
 
Trends
Daily SMA20 107.72
Daily SMA50 107.05
Daily SMA100 107.57
Daily SMA200 109.07
 
Levels
Previous Daily High 108.9
Previous Daily Low 108.15
Previous Weekly High 108.63
Previous Weekly Low 106.65
Previous Monthly High 108.48
Previous Monthly Low 105.74
Daily Fibonacci 38.2% 108.62
Daily Fibonacci 61.8% 108.44
Daily Pivot Point S1 108.38
Daily Pivot Point S2 107.89
Daily Pivot Point S3 107.63
Daily Pivot Point R1 109.12
Daily Pivot Point R2 109.38
Daily Pivot Point R3 109.87

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD advances above 1.14 after unchanged ECB, mixed US data

EUR/USD is trading above 1.14, higher after the ECB left policy unchanged and called governments to act. US retail sales beat with 7.5% while jobless claims disappointed with 1.3 million. US coronavirus figures are showing further increases in cases.

EUR/USD News

GBP/USD advances above 1.26 amid mostly upbeat US, UK data

GBP/USD is trading above 1.26, higher. The UK jobs reports showed low unemployment but also depressed wages. US retail sales beat expectations but jobless claims remain high. 

GBP/USD News

Gold trades with modest losses, downside remains limited

Gold witnessed a modest intraday pullback amid a pickup in the USD demand. The prevalent risk-off mood extended some support to the safe-haven metal. A sustained break below $1800 is needed to confirm a bearish break.

Gold News

Why is the crypto market falling today?

War for dominance impacts the market and heralds several days of turbulence. Fight between Bitcoin and Ethereum hurts the Altcoin segment, which is largely overbought after weeks of euphoria. Ripple is the most affected of the Top 3 and steps back into a high-risk environment.

Read more

Oil : The price action seems indecisive at these elevated levels

WTI is still in a bull trend on the chart below but at these elevated levels, it seems the price seems to be very jittery. Previously within this trend when the price moved higher the size of the bullish candles was bigger. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures