- The USD/JPY pair extended its overnight pullback from over one-week-old ascending trend-line hurdle and continued losing ground through the early European session on Wednesday.
- A subsequent slide below 100-hour SMA, amid a shift in the risk mood, was seen as a key trigger for bearish traders and behind a follow-through weakness to fresh weekly lows.
Given that technical indicators on hourly and daily charts have failed to gain any meaningful traction, the pair now seems poised to resume its well-established near-term bearish trend and head back towards challenging multi-month lows support near the 107.85 zone.
Despite the bearish set-up, traders might still be reluctant to place any aggressive bets and prefer to wait on the sidelines ahead of Wednesday’s important release of the latest US consumer inflation figures, due later during the early North-American session.
On the upside, immediate resistance is now pegged near the 108.45-50 region, above which a bout of short-covering could lift the pair back towards challenging the mentioned trend-line resistance, currently placed just ahead of the 109.00 round figure mark.
USD/JPY 1-hourly chart
|Today last price||108.27|
|Today Daily Change||-0.25|
|Today Daily Change %||-0.23|
|Today daily open||108.52|
|Previous Daily High||108.8|
|Previous Daily Low||108.35|
|Previous Weekly High||108.62|
|Previous Weekly Low||107.81|
|Previous Monthly High||111.71|
|Previous Monthly Low||108.23|
|Daily Fibonacci 38.2%||108.63|
|Daily Fibonacci 61.8%||108.52|
|Daily Pivot Point S1||108.31|
|Daily Pivot Point S2||108.1|
|Daily Pivot Point S3||107.86|
|Daily Pivot Point R1||108.76|
|Daily Pivot Point R2||109.01|
|Daily Pivot Point R3||109.22|
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.