USD/JPY technical analysis: Greenback slows down near 108.55 resistance against Yen

USD/JPY is trapped in a tight 50-pip range since Monday.
108.55 seems to offer some short-term resistance.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading in a bear leg below the main daily simple moving averages (DSMAs).

USD/JPY 4-hour chart

USD/JPY is consolidating above the 108.00 handle and the 50 SMA.

USD/JPY 30-minute chart

USD/JPY is trading in a range between 108.20 and 108.70. The market seems to have found decent resistance at 108.55. The next supports to the downside are seen at 108.40 and 108.20. A break above 108.55 can lead to 108.70.

Additional key levels

USD/JPY

Overview
Today last price	108.48
Today Daily Change	-0.03
Today Daily Change %	-0.03
Today daily open	108.51

Trends
Daily SMA20	109.14
Daily SMA50	110.38
Daily SMA100	110.52
Daily SMA200	111.26

Levels
Previous Daily High	108.58
Previous Daily Low	108.22
Previous Weekly High	108.62
Previous Weekly Low	107.81
Previous Monthly High	111.71
Previous Monthly Low	108.23
Daily Fibonacci 38.2%	108.36
Daily Fibonacci 61.8%	108.44
Daily Pivot Point S1	108.29
Daily Pivot Point S2	108.07
Daily Pivot Point S3	107.92
Daily Pivot Point R1	108.66
Daily Pivot Point R2	108.81
Daily Pivot Point R3	109.03

Author

Flavio Tosti

Independent Analyst

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.