USD/JPY technical analysis: Greenback is trading at weekly lows against Yen, sub-108.00 figure

USD/JPY dropped sharply as the US ISM Manufacturing PMI data fell to its lowest in 10 years.
The level to beat for sellers is the 107.60 support level.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is in a bear trend below the 100 and 200-day simple moving averages (SMAs). The market is currently trading below the September highs and the 108.00 handle. This Tuesday, the ISM Manufacturing PMI came in below forecast at 47.8 vs. 50.1 in September, which was the worst reading since 2009.

USD/JPY four-hour chart

USD/JPY dropped sharply below the 108.00 handle and the 50/100 SMAs, suggesting a continuation down in the medium term. A break of 107.60 can expose the 107.40 and 107.00 support levels, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

USD/JPY is trading below the main SMAs, suggesting a downward bias in the near term. Immediate resistances are seen at the 108.00 and 108.40 price levels, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	107.7
Today Daily Change	-0.37
Today Daily Change %	-0.34
Today daily open	108.07

Trends
Daily SMA20	107.57
Daily SMA50	107.09
Daily SMA100	107.81
Daily SMA200	109.17

Levels
Previous Daily High	108.18
Previous Daily Low	107.74
Previous Weekly High	108.18
Previous Weekly Low	106.96
Previous Monthly High	108.48
Previous Monthly Low	105.74
Daily Fibonacci 38.2%	108.01
Daily Fibonacci 61.8%	107.91
Daily Pivot Point S1	107.82
Daily Pivot Point S2	107.56
Daily Pivot Point S3	107.38
Daily Pivot Point R1	108.25
Daily Pivot Point R2	108.43
Daily Pivot Point R3	108.68

Author

Flavio Tosti

Independent Analyst

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