USD/JPY technical analysis: Drops to trading range support amid reviving safe-haven demand

Haresh Menghani FXStreet

• A sudden move lower in the US equity futures and European stocks exerted some downward pressure on the USD/JPY pair, which finally broke down of its Asian session consolidation phase.

• The pair struggled to build on the overnight bounce from three-month lows and also failed to find acceptance above 100-hour SMA, suggesting that the selling bias is still far from over.

The pair has now dropped to the lower end of its trading range held over the past 30-hours or so. With technical indicators on hourly charts holding in the bearish territory, a convincing breakthrough might turn the pair vulnerable to resume its recent/well-established bearish trend.

However, oscillators on the daily chart remained on the verge of near-term oversold territory and might turn out to be the only factor that might help limit further downside ahead of Wednesday’s important release of the US monthly retail sales data for the month of April.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price	109.52
Today Daily Change	-0.10
Today Daily Change %	-0.09
Today daily open	109.62

Trends
Daily SMA20	111.1
Daily SMA50	111.18
Daily SMA100	110.53
Daily SMA200	111.45

Levels
Previous Daily High	109.77
Previous Daily Low	109.14
Previous Weekly High	110.96
Previous Weekly Low	109.46
Previous Monthly High	112.4
Previous Monthly Low	110.8
Daily Fibonacci 38.2%	109.53
Daily Fibonacci 61.8%	109.38
Daily Pivot Point S1	109.25
Daily Pivot Point S2	108.88
Daily Pivot Point S3	108.62
Daily Pivot Point R1	109.88
Daily Pivot Point R2	110.14
Daily Pivot Point R3	110.51

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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