USD/JPY technical analysis: Greenback hangs near four-day highs after FOMC Minutes

USD/JPY is trading at daily highs above the 107.40 resistance.
The FOMC Minutes as Fed's Powell reiterated what most investors already knew.

Flavio Tosti Independent Analyst

USD/JPY daily chart

The USD/JPY exchange rate is trading in a bear trend below its 100 and 200-day simple moving averages (DSMAs). However, the spot is attempting to find some support near the 50 SMA at the 106.90 level. The FOMC Minutes were a non-event with little market reaction. Chief’s Powell reiterated what most market players already know: “risks come from abroad, chances of a recession are limited and the economy overall is healthy.”

USD/JPY four-hour chart

USD/JPY is settling above the 107.40 resistance while challenging the 100 SMA on the four-hour chart. The market might try to reach 107.70 resistance on the way up, according to the Technical Confluences Indicator. A break of the level can expose 108.16 resistance if the bulls gather enough steam.

USD/JPY 30-minute chart

The USD/JPY currency pair is trading above the main SMAs, suggesting bullish momentum in the near term. Immediate supports are seen at the 107.40/20 support zone and 107.00 figure, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	107.5
Today Daily Change	0.42
Today Daily Change %	0.39
Today daily open	107.08

Trends
Daily SMA20	107.68
Daily SMA50	106.93
Daily SMA100	107.64
Daily SMA200	109.08

Levels
Previous Daily High	107.45
Previous Daily Low	106.8
Previous Weekly High	108.48
Previous Weekly Low	106.48
Previous Monthly High	108.48
Previous Monthly Low	105.74
Daily Fibonacci 38.2%	107.05
Daily Fibonacci 61.8%	107.2
Daily Pivot Point S1	106.78
Daily Pivot Point S2	106.47
Daily Pivot Point S3	106.13
Daily Pivot Point R1	107.42
Daily Pivot Point R2	107.75
Daily Pivot Point R3	108.06

Author

Flavio Tosti

Independent Analyst

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