USD/JPY technical analysis: Off lows, bulls showed some resilience below 200-hour SMA


  • The USD/JPY pair managed to recover a major part of its early dip and is currently placed in the neutral territory, just below mid-108.00s.
  • The intraday slide showed some resilience below 200-hour SMA, which should now act as a key pivotal point for the pair's intraday move.

Given the overnight goodish bounce from 50% Fibo. level of the 106.78-109.00 up-move, the price action clearly points to some dip-buying interest at lower levels and support prospects for a further near-term appreciating move.

However, neutral technical indicators on hourly and daily charts haven’t been supportive of any firm near-term direction and hence, it would be prudent to wait for a strong follow-through buying before placing any fresh bullish bets.

Meanwhile, a sustained move beyond the 109.00 handle - tested earlier this week, will reaffirm the constructive outlook and accelerate the move towards 109.25 intermediate resistance en-route the 109.60-65 supply zone.

On the flip side, any meaningful pullback now seems to find some support near the 108.00 handle and is closely followed by the previous session’s swing lows – around the 107.85 region, which if broken might negate the positive outlook.

Below the mentioned support, the pair might turn vulnerable to retest the 107.55 support area (61.8% Fibo. level) before eventually falling to 107.15 horizontal level ahead of the 107.00 handle and multi-month lows – around the 106.80-75 region.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price 108.43
Today Daily Change -0.06
Today Daily Change % -0.06
Today daily open 108.49
 
Trends
Daily SMA20 108.07
Daily SMA50 109.46
Daily SMA100 110.32
Daily SMA200 111.03
Levels
Previous Daily High 108.54
Previous Daily Low 107.86
Previous Weekly High 108.64
Previous Weekly Low 107.53
Previous Monthly High 108.8
Previous Monthly Low 106.78
Daily Fibonacci 38.2% 108.28
Daily Fibonacci 61.8% 108.12
Daily Pivot Point S1 108.06
Daily Pivot Point S2 107.62
Daily Pivot Point S3 107.38
Daily Pivot Point R1 108.73
Daily Pivot Point R2 108.97
Daily Pivot Point R3 109.41

 

 

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