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

 

 

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