USD/JPY technical analysis: Intraday positive move falters near 1-week old ascending trend-line resistance

The USD/JPY pair held on its positive tone through the early North-American session, albeit struggled to make it through a one-week-old ascending trend-line resistance.
Meanwhile, the fact that the pair has managed to hold above its important intraday moving averages - 50, 100 & 200-hour SMAs, support prospects for additional gains.

Haresh Menghani FXStreet

This coupled with the possible occurrence of a golden-cross on the 1-hourly chart, wherein 50-hour SMA is looking to break above 200-hour SMA, further reinforce the constructive outlook amid the prevailing risk-on environment.

However, traders are likely to wait for a sustained break through the mentioned barrier before positioning for any further near-term appreciating move towards testing the 109.25 horizontal support breakpoint turned resistance.

Alternatively, a sustained weakness below the overnight swing low might negate the positive outlook, turning the pair vulnerable to resume its well-established near-term bearish trend and aim towards testing sub-108.00 level.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price	108.66
Today Daily Change	0.21
Today Daily Change %	0.19
Today daily open	108.45

Trends
Daily SMA20	109.25
Daily SMA50	110.5
Daily SMA100	110.54
Daily SMA200	111.29

Levels
Previous Daily High	108.72
Previous Daily Low	108.31
Previous Weekly High	108.62
Previous Weekly Low	107.81
Previous Monthly High	111.71
Previous Monthly Low	108.23
Daily Fibonacci 38.2%	108.47
Daily Fibonacci 61.8%	108.56
Daily Pivot Point S1	108.27
Daily Pivot Point S2	108.08
Daily Pivot Point S3	107.86
Daily Pivot Point R1	108.67
Daily Pivot Point R2	108.9
Daily Pivot Point R3	109.08

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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