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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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