USD/JPY technical analysis: Greenback erases most of Tuesday’gains against Yen, trades above 105.70 level

USD/JPY is erasing most of the gains established on Tuesday.
The levels to beat for bulls are at the 105.90 and 106.12 resistances.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading near multi-month lows while below the main daily simple moving averages (DSMAs). Trade war news are driving USD/JPY price action.

USD/JPY 4-hour chart

USD/JPY is trading below its main SMAs, suggesting bearish momentum. The market is erasing parts of the gains made on Tuesday. However, the pullback down seems overdone and the bears need to break below 105.68 to drive the market down towards 105.30, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

USD/JPY dropped to the 105.70 level near the 200 SMA. Bulls have a lot of work if they want to undo the bearish damage. They have several layers of resistances to break at 105.90, 106.12, 106.30, 106.55 and 106.77 levels, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	105.81
Today Daily Change	-0.93
Today Daily Change %	-0.87
Today daily open	106.74

Trends
Daily SMA20	107.36
Daily SMA50	107.83
Daily SMA100	109.26
Daily SMA200	110.2

Levels
Previous Daily High	106.98
Previous Daily Low	105.07
Previous Weekly High	107.09
Previous Weekly Low	105.26
Previous Monthly High	109.01
Previous Monthly Low	107.21
Daily Fibonacci 38.2%	106.25
Daily Fibonacci 61.8%	105.8
Daily Pivot Point S1	105.54
Daily Pivot Point S2	104.35
Daily Pivot Point S3	103.63
Daily Pivot Point R1	107.46
Daily Pivot Point R2	108.17
Daily Pivot Point R3	109.37

Author

Flavio Tosti

Independent Analyst

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