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. 

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