USD/JPY technical analysis: Greenback erasing part of the Fed-inspired spike below 108.86 resistance

USD/JPY is fading the Fed-inspired spike to 108.86 resistance.
Support is seen at 108.61 and 104.41 on the way down.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading in a range above the 108.50 level and the 50 SMA. The market only had a minor reaction to the 25 bps cut by the Federal Reserve.

USD/JPY 4-hour chart

USD/JPY is trading above its main SMAs, suggesting a bullish bias in the medium term. Bulls need to generate a breakout above 108.86 to reach 109.40 resistance on the way up, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

The market is currently fading the Fed-inspired spike to 108.86. Support on the way down is seen at 108.61 and 108.41, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	108.78
Today Daily Change	0.18
Today Daily Change %	0.17
Today daily open	108.6

Trends
Daily SMA20	108.23
Daily SMA50	108.36
Daily SMA100	109.7
Daily SMA200	110.51

Levels
Previous Daily High	108.95
Previous Daily Low	108.45
Previous Weekly High	108.83
Previous Weekly Low	107.7
Previous Monthly High	108.8
Previous Monthly Low	106.78
Daily Fibonacci 38.2%	108.64
Daily Fibonacci 61.8%	108.76
Daily Pivot Point S1	108.38
Daily Pivot Point S2	108.17
Daily Pivot Point S3	107.89
Daily Pivot Point R1	108.88
Daily Pivot Point R2	109.16
Daily Pivot Point R3	109.38

Author

Flavio Tosti

Independent Analyst

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