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

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD off 7-month highs, still firmer as Tories hold the lead

GBP/USD retraces from the new seven-month highs of 1.3180 but remains strongly bid, as weekend polls have reaffirmed a solid lead for PM Johnson's Conservatives. Cable dropped on Friday amid upbeat US data.

GBP/USD News

EUR/USD steadying above 1.1050 amid upbeat German export data

EUR/USD is trading above 1.1050, attempting a recovery after Germany reported an increase in exports in October. EUR/UDS dropped sharply on Friday amid upbeat US Non-Farm Payrolls and weak German industrial output. 

EUR/USD News

Forex Today: US-Sino trade tensions prevail, Boris closer to victory, EUR/USD licking its wounds

Trade talks: President Donald Trump has called on the World Bank to stop lending to China, a move that may aggravate tensions, with only six days to go until Washington is set to slap new tariffs on Beijing. Negotiations continue.

Read more

Gold: Sidelined after biggest daily decline in four weeks

Gold is lacking a clear directional bias in Asia, having registered its biggest single-day decline in four weeks on Friday. China's data may embolden President Trump to take more aggressive measures. 

Gold News

USD/JPY in search of a firm direction, stuck in a range above mid-108.00s

USD/JPY was seen oscillating in a narrow band and consolidated last week’s losses. US-China trade uncertainties continued underpinning the JPY’s safe-haven status. Investors now seemed reluctant ahead of the latest FOMC monetary policy update.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures