USD/JPY Technical Analysis: Pullback from 61.8% Fibo. keeps 50/100-day EMA in focus

USD/JPY fails to sustain bounces off 50% Fibonacci retracement.
October low gains bears’ attention during the downside break.

Anil Panchal FXStreet

The USD/JPY pair’s failure to stay strong beyond three-day highs drags it back to key support confluence as it trades near 108.60 during early Tuesday.

The pair now aims to re-test 50% Fibonacci retracement of April-August declines, at 108.40. However, a confluence of 50 and 100-day Exponential Moving Average (EMA) around 108.30/25 will be the key to limit the pair’s further downside.

In a case where prices close below 108.25, October month bottom surrounding 106.50 will be in the spotlight.

On the contrary, a daily closing beyond 61.8% Fibonacci retracement level of 109.36 opens the door for the quote’s extended run-up to 110.00 round-figure, near May 30 high, whereas May 21 top close to 110.70 could please buyers next.

If at all bulls manage to cross 110.70, early-April low near 110.85 could question bulls targeting the yearly top near 112.40.

USD/JPY daily chart

Trend: Bullish

additional important levels

Overview
Today last price	108.63
Today Daily Change	-1 pip
Today Daily Change %	-0.01%
Today daily open	108.64

Trends
Daily SMA20	108.76
Daily SMA50	108.24
Daily SMA100	107.7
Daily SMA200	109

Levels
Previous Daily High	109.08
Previous Daily Low	108.51
Previous Weekly High	109.3
Previous Weekly Low	108.23
Previous Monthly High	109.29
Previous Monthly Low	106.48
Daily Fibonacci 38.2%	108.73
Daily Fibonacci 61.8%	108.86
Daily Pivot Point S1	108.41
Daily Pivot Point S2	108.18
Daily Pivot Point S3	107.84
Daily Pivot Point R1	108.97
Daily Pivot Point R2	109.31
Daily Pivot Point R3	109.54

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.

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.