USD/JPY Technical Analysis: Flirting with a short-term ascending trend-line support

Haresh Menghani FXStreet

• A fresh wave of global risk-aversion trade underpinned the Japanese Yen's safe-haven demand and prompted some aggressive selling around the major on Tuesday.

• The pair tumbled over 75-pips from the vicinity of 1-1/2 week tops and has now moved on the verge of decisively breaking below a short-term ascending trend-line support.

• Technical indicators on the 1-hourly chart have slipped into oversold territory, albeit continue to hold in the neutral zone on the daily chart and thus, warrant some caution.

• Hence, it would be prudent to wait for a sustained weakness below the mentioned support before traders start positioning for an extension of the intraday bearish trend.

USD/JPY 1-hourly chart

USD/JPY

Overview:
    Last Price: 112.17
    Daily change: -66 pips
    Daily change: -0.585%
    Daily Open: 112.83
Trends:
    Daily SMA20: 112.98
    Daily SMA50: 112.01
    Daily SMA100: 111.48
    Daily SMA200: 109.84
Levels:
    Daily High: 112.9
    Daily Low: 112.34
    Weekly High: 112.75
    Weekly Low: 111.62
    Monthly High: 113.71
    Monthly Low: 110.38
    Daily Fibonacci 38.2%: 112.69
    Daily Fibonacci 61.8%: 112.56
    Daily Pivot Point S1: 112.48
    Daily Pivot Point S2: 112.14
    Daily Pivot Point S3: 111.93
    Daily Pivot Point R1: 113.04
    Daily Pivot Point R2: 113.25
    Daily Pivot Point R3: 113.59

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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