USD/JPY technical analysis: Near-term bias seems tilted in favour of bullish traders


  • Bulls challenge the top end of over one-week-old trading range.
  • Sustained move beyond 200-DMA to pave way for further gains.

The USD/JPY pair extended its sideways moves through the mid-European session on Monday and is currently placed at the top end of a broader trading range held over the past one week or so.
 
Given the recent rebound from multi-year lows and a subsequent breakthrough over five-month-old descending trend-line, the recent price action might still be categorized as bullish consolidation.
 
Meanwhile, oscillators on hourly/daily charts maintained their bullish bias and add credence to the near-term constructive outlook, supporting prospects for an eventual breakout on the upside.
 
However, traders are likely to wait for a sustained strength beyond 200-day SMA hurdle, near the 109.00-109.05 region, before positioning for a move towards the key 110.00 psychological mark.
 
Conversely, any meaningful pullback below the 108.40-35 region – marking 50% Fibonacci level of the 112.40-104.45 downfall – might attract some dip-buying interest and help limit the downside.
 
The mentioned descending trend-line resistance breakpoint, currently near the 107.80 region, now seems to act as strong support, which if broken might be seen as a key trigger for bearish traders.

USD/JPY daily chart

fxsoriginal

USD/JPY

Overview
Today last price 108.73
Today Daily Change 0.07
Today Daily Change % 0.06
Today daily open 108.66
 
Trends
Daily SMA20 108.05
Daily SMA50 107.46
Daily SMA100 107.58
Daily SMA200 109.06
 
Levels
Previous Daily High 108.78
Previous Daily Low 108.51
Previous Weekly High 108.78
Previous Weekly Low 108.25
Previous Monthly High 108.48
Previous Monthly Low 105.74
Daily Fibonacci 38.2% 108.67
Daily Fibonacci 61.8% 108.61
Daily Pivot Point S1 108.52
Daily Pivot Point S2 108.38
Daily Pivot Point S3 108.25
Daily Pivot Point R1 108.79
Daily Pivot Point R2 108.92
Daily Pivot Point R3 109.06

 

 

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