USD/JPY Technical Analysis: Eases from multi-week tops, dip-buying to limit any meaningful pull-back

Haresh Menghani FXStreet

• The pair held on to a mildly positive tone for the second consecutive session on Tuesday, albeit trimmed a part of its early gains to over six-week high level of 110.65.

• The pair struggled to capitalize on the early uptick and failed near a confluence barrier - comprising of 55-day SMA and 61.8% Fibo. level of the 114.21-104.69 downfall.

• Slightly overbought conditions on hourly charts seemed to be the only factor capping gains, rather prompting some long-unwinding trade amid a modest USD pull-back.

• However, oscillators on the daily chart have just started gaining positive traction and support prospects for an extension of the recent bullish break through the 110.00 handle.

• Hence, any dips back towards the mentioned resistance break-point might now be seen as a buying opportunity for an eventual move beyond the 111.00 round figure mark.

USD/JPY daily chart

USD/JPY

Overview:
    Today Last Price: 110.49
    Today Daily change %: 0.08%
    Today Daily Open: 110.4
Trends:
    Daily SMA20: 109.53
    Daily SMA50: 110.35
    Daily SMA100: 111.72
    Daily SMA200: 111.28
Levels:
    Previous Daily High: 110.47
    Previous Daily Low: 109.7
    Previous Weekly High: 110.16
    Previous Weekly Low: 109.43
    Previous Monthly High: 110
    Previous Monthly Low: 104.75
    Daily Fibonacci 38.2%: 110.18
    Daily Fibonacci 61.8%: 109.99
    Daily Pivot Point S1: 109.91
    Daily Pivot Point S2: 109.42
    Daily Pivot Point S3: 109.13
    Daily Pivot Point R1: 110.68
    Daily Pivot Point R2: 110.96
    Daily Pivot Point R3: 111.45

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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