USD/JPY technical analysis: Greenback can dip to 108.20 if this happens


  • USD/JPY is trapped in a tight range between 108.20 and 108.80. 
  • A drop below 108.45 support can lead to 108.20 according to the Technical Confluences Indicator.

USD/JPY daily chart 


USD/JPY is trading in a bear trend below its main daily simple moving averages (DSMAs). The 50 SMA crossed below the 100 SMA which is a bearish sign.


USD/JPY 4-hour chart


USD/JPY is consolidating in the 108.20-108.80 range trapped between the 50 and 100 SMAs.


USD/JPY 30-minute chart


According to the Technical Confluences Indicator, there is strong support at 108.45 which is the daily Fibonacci 38.2%, the 200 SMA on the 1-hour and the 50 SMA on the 4-hour. If this level is broken to the downside the market could fall to the next level of confluence which is seen near the 108.20 level, the weekly pivot point support 1. 
On the flip side, bulls will try to overcome 108.70 to reach 108.84 (near previous week high and the weekly pivot point resistance 1). The next resistance is seen at 109.05 (Monthly Fibonacci of 23.6%).


Technical Confluences Indicator 


Additional key levels

USD/JPY

Overview
Today last price 108.54
Today Daily Change -0.01
Today Daily Change % -0.01
Today daily open 108.55
 
Trends
Daily SMA20 108.99
Daily SMA50 110.25
Daily SMA100 110.5
Daily SMA200 111.24
Levels
Previous Daily High 108.59
Previous Daily Low 108.16
Previous Weekly High 108.8
Previous Weekly Low 108.16
Previous Monthly High 111.71
Previous Monthly Low 108.23
Daily Fibonacci 38.2% 108.42
Daily Fibonacci 61.8% 108.32
Daily Pivot Point S1 108.27
Daily Pivot Point S2 108
Daily Pivot Point S3 107.84
Daily Pivot Point R1 108.71
Daily Pivot Point R2 108.87
Daily Pivot Point R3 109.14

 

 

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