- 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.
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
|Today last price||108.66|
|Today Daily Change||0.21|
|Today Daily Change %||0.19|
|Today daily open||108.45|
|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|
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