USD/JPY technical analysis: Not even the Fed can break this range


  • USD/JPY remains trapped in its range between 108.00 support and 108.70 resistance 
  • The level to beat for bulls is 108.20 according to the Technical Confluences Indicator.

USD/JPY daily chart 

USD/JPY is in a bear trend below its main daily simple moving averages (DSMAs). The 50 DSMA crossed below the 100 DSMA which is seen as bearish. USD/JPY remains trapped in its consolidation despite the Fed dovish message.


USD/JPY 4-hour chart

USD/JPY is under bearish pressure below its main SMAs.

USD/JPY 30-minute chart

The market dipped briefly below 108.00 figure but the support held and USD/JPY remains in range. According to the Technical Confluences Indicator, there is moderate resistance at 108.20 (last week low and the lower Bollinger Band on the 1-hour chart) followed by 108.45 (simple moving averages cluster). Further lies 108.70 resistance (Fibonacci cluster). A break above this level can potentially lead to 108.84 (near the previous week high and the weekly pivot point resistance 1). Support is at 108.00 and 107.70.


Additional key levels

USD/JPY

Overview
Today last price 108.12
Today Daily Change -0.32
Today Daily Change % -0.30
Today daily open 108.44
 
Trends
Daily SMA20 108.81
Daily SMA50 110.14
Daily SMA100 110.48
Daily SMA200 111.21
Levels
Previous Daily High 108.68
Previous Daily Low 108.06
Previous Weekly High 108.8
Previous Weekly Low 108.16
Previous Monthly High 111.71
Previous Monthly Low 108.23
Daily Fibonacci 38.2% 108.3
Daily Fibonacci 61.8% 108.44
Daily Pivot Point S1 108.11
Daily Pivot Point S2 107.77
Daily Pivot Point S3 107.49
Daily Pivot Point R1 108.73
Daily Pivot Point R2 109.02
Daily Pivot Point R3 109.35

 

 

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