USD/JPY technical analysis: One-week old support-line favors upside momentum

USD/JPY remains firm above short-term rising trend-line.
106.65/70 remains as the key upside barrier.

Anil Panchal FXStreet

With one-week-old upward sloping trend-line portraying the USD/JPY pair’s strength, the quote takes the bids to 106.60 heading to the Europe market open on Friday.

Buyers’ immediate attention will be on 106.65/70 horizontal-area comprising multiple highs since early-month, a break of which can quickly propel the prices to 107.00 whereas July month low near 107.21 could please buyers afterward.

On the contrary, 23.6% Fibonacci retracement level of 106.50 can serve as immediate support ahead of highlighting 106.30 support-line.

In a case where sellers sneak in and break the key trend-line support, 50% Fibonacci retracement of 106.00 and August 14 low around 105.65 could be on their radars.

USD/JPY hourly chart

Trend: Bullish

1. R3 107.05
2. R2 106.85
3. R1 106.65
PP 106.45
1. S1 106.24
2. S2 106.04
3. S3 105.84

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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