USD/JPY technical analysis: Drops 20 pips forming another bearish lower high


  • USD/JPY is looking south, having charted a bearish lower high above 106.90 in Asia. 
  • Key hourly and daily chart indicators are also reporting bearish conditions. 

USD/JPY is currently trading at 106.77, representing 0.13% losses on the day, having clocked a high and low of 106.93 and 106.74, respectively, during the Asian trading hours. 

With the drop from 106.93 to 106.74, the pair has formed another lower high on the hourly chart – the third since topping out near 108.50 earlier this week. 

The hourly chart relative strength index (RSI) is looking to dive out of a rising trendline. Meanwhile, the 14-day RSI has dropped into the bearish territory below 50.

Hence, the pair risks falling back to Thursday’s low of 106.48 in the European session. A deeper drop could be seen if the US Nonfarm Payrolls data for September, due at 12:30 GMT, prints below estimates, sending the greenback lower across the board. 

The bearish hourly chart setup would be invalidated if the pair rises above 106.96. 

Daily chart

Hourly chart

Trend: Bearish

Technical levels

USD/JPY

Overview
Today last price 106.77
Today Daily Change -0.14
Today Daily Change % -0.13
Today daily open 106.91
 
Trends
Daily SMA20 107.7
Daily SMA50 107.03
Daily SMA100 107.74
Daily SMA200 109.12
 
Levels
Previous Daily High 107.3
Previous Daily Low 106.48
Previous Weekly High 108.18
Previous Weekly Low 106.96
Previous Monthly High 108.48
Previous Monthly Low 105.74
Daily Fibonacci 38.2% 106.79
Daily Fibonacci 61.8% 106.99
Daily Pivot Point S1 106.5
Daily Pivot Point S2 106.08
Daily Pivot Point S3 105.68
Daily Pivot Point R1 107.31
Daily Pivot Point R2 107.71
Daily Pivot Point R3 108.13

 

 

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