USD/JPY technical analysis: Greenback makes modest progress against Yen, near 106.30

The demand for Yen as a safe-haven currency has been weak in the last three days.
The levels to beat for bulls are at the 106.30 and 106.55 resistances.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading off multi-month lows while under the main daily simple moving averages (DSMAs). The market is trading just above the 106.00 handle. Trade war news and US bond yields are the primary drivers of the USD/JPY currency pair.

USD/JPY 4-hour chart

USD/JPY made no significant progress in the last two days as the market is trading above the 50 SMA. The bears would need to break below 106.12 to reach 105.92, 105.68 and 105.30, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

Dollar/Yen is trading its main SMAs as the market is consolidating Tuesday’s bullish move. There could be upside momentum next week. However, bulls have several layers of resistances to break at 106.30, 106.55 and 106.77 levels, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	106.27
Today Daily Change	0.16
Today Daily Change %	0.15
Today daily open	106.11

Trends
Daily SMA20	107.2
Daily SMA50	107.73
Daily SMA100	109.17
Daily SMA200	110.12

Levels
Previous Daily High	106.78
Previous Daily Low	105.7
Previous Weekly High	107.09
Previous Weekly Low	105.26
Previous Monthly High	109.01
Previous Monthly Low	107.21
Daily Fibonacci 38.2%	106.37
Daily Fibonacci 61.8%	106.12
Daily Pivot Point S1	105.62
Daily Pivot Point S2	105.12
Daily Pivot Point S3	104.53
Daily Pivot Point R1	106.7
Daily Pivot Point R2	107.28
Daily Pivot Point R3	107.78

Author

Flavio Tosti

Independent Analyst

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