- 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
|Today last price||108.73|
|Today Daily Change||0.07|
|Today Daily Change %||0.06|
|Today daily open||108.66|
|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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.