- The USD/JPY pair lacked any firm directional bias and seesawed between tepid gains/minor losses through the early European session on Wednesday.
- The pair remains well within a broader trading range held over the past one week or so, awaiting s fresh impetus from the FOMC monetary policy update.
Meanwhile, neutral technical indicators on hourly charts have been supportive of a firm intraday directional move, albeit bearish oscillators on the daily chart point to an extension of the recent bearish trajectory and additional weakness.
However, given that the pair has repeatedly shown resilience below the 108.00 round figure mark, bearish traders are likely to wait for a strong follow-through selling below the mentioned handle before positioning for any further depreciating move.
On the upside, a short-term descending trend-line – extending from yearly tops set on April 24, is likely to act as an immediate strong resistance, which if cleared might negate the bearish set-up and prompt some aggressive short-covering move.
Above the mentioned barrier, the pair is likely to accelerate the recovery towards reclaiming the 109.00 handle before eventually darting to its next major hurdle near the 109.60 supply zone.
USD/JPY daily chart
|Today last price||108.4|
|Today Daily Change||-0.04|
|Today Daily Change %||-0.04|
|Today daily open||108.44|
|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|
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.