USD/JPY technical analysis: Greenback trading near three-day highs above the 108.00 handle

Weak demand for the safe-haven Japanese yen keeps USD/JPY trading near two-months highs.
The level to beat for bulls is the 108.56 resistance.

Flavio Tosti Independent Analyst

USD/JPY daily chart

The USD/JPY exchange rate is trading in a bear trend below the 200-day simple moving average (DSMA). However, the spot has been bouncing sharply from the October lows and is now trading close to two-months highs. The better market mood is decreasing the demand for the safe-haven Yen.

USD/JPY four-hour chart

USD/JPY is trading above the main SMAs on the four-hour chart, suggesting bullish momentum in the medium term. The market is approaching the 108.56 resistance. A daily close above the resistance could open the doors to the 109.12 price level, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

The USD/JPY currency pair is trading above its main SMAs, suggesting bullish momentum in the near term. Immediate supports are seen at the 108.16 and 107.70 levels, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	108.43
Today Daily Change	0.03
Today Daily Change %	0.03
Today daily open	108.4

Trends
Daily SMA20	107.68
Daily SMA50	107
Daily SMA100	107.58
Daily SMA200	109.07

Levels
Previous Daily High	108.52
Previous Daily Low	108.03
Previous Weekly High	108.63
Previous Weekly Low	106.65
Previous Monthly High	108.48
Previous Monthly Low	105.74
Daily Fibonacci 38.2%	108.33
Daily Fibonacci 61.8%	108.22
Daily Pivot Point S1	108.11
Daily Pivot Point S2	107.83
Daily Pivot Point S3	107.62
Daily Pivot Point R1	108.6
Daily Pivot Point R2	108.81
Daily Pivot Point R3	109.09

Author

Flavio Tosti

Independent Analyst

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