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USD/JPY Technical Analysis: New resistance for launch from 112.00's rising trendline

Over the past twenty-four hours, the USD/JPY dropped from a peak of 112.73 to bottom out at 111.95, and the Dollar-Yen pairing is now trading into 112.40 after Greenback bidders took a bounce to reclaim the 112.00 handle. The pair is now trading just shy of 112.40 and closing in on a descending intraday trendline from yesterday's consecutive lower peaks.
USD/JPY Forecast: Bearish outside day has established 112.73 as key resistance

Joshua Gibson FXStreet

USD/JPY, M5

The past week has seen the USD/JPY strangle between increasing downside pressure and a bolstering effect from the 112.00 critical level, a boundary that buyers have marked in the sand, but buying pressure into the medium-term struggles to develop any real momentum as market sentiment continues to play a major role in USD-based risk flows.

USD/JPY, M30

Over the past month, the USD/JPY looks to have finally broken through a descending trendline from October's peak of 114.55, and trend-minded Greenback buyers could be looking to coil up for another leg up off of the last higher low, a confluence with the 112.00 major handle, while Slow Stochastics, although not in overbought territory, are beginning to lean back into buy territory just south of the 50 mid-point.

USD/JPY, H4

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USD/JPY

Overview:
    Last Price: 112.38
    Daily change: 17 pips
    Daily change: 0.152%
    Daily Open: 112.21
Trends:
    Daily SMA20: 112.98
    Daily SMA50: 111.93
    Daily SMA100: 111.42
    Daily SMA200: 109.82
Levels:
    Daily High: 112.75
    Daily Low: 111.95
    Weekly High: 113.96
    Weekly Low: 111.83
    Monthly High: 113.71
    Monthly Low: 110.38
    Daily Fibonacci 38.2%: 112.26
    Daily Fibonacci 61.8%: 112.44
    Daily Pivot Point S1: 111.86
    Daily Pivot Point S2: 111.51
    Daily Pivot Point S3: 111.06
    Daily Pivot Point R1: 112.66
    Daily Pivot Point R2: 113.1
    Daily Pivot Point R3: 113.46

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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USD/JPY Technical Analysis: New resistance for launch from 112.00's rising trendline

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