USD/JPY Technical Analysis: Pulls back from 2-week high, 108.70/65 confluence in focus

USD/JPY fails to stay strong beyond 23.6% Fibonacci retracement of the current month upside.
50 and 200-bar SMA join 50% Fibonacci retracement to determine the key support confluence.

Anil Panchal FXStreet

USD/JPY declines from the two week high while taking rounds to 109.00 during early Tuesday.

The pair fails to remain strong above 23.6% Fibonacci retracement level, which in turn highlights the importance of 108.70/65 support confluence that includes 50 and 200-bar Simple Moving Averages (SMAs), together with 50% Fibonacci Retracement.

In a case whereas sellers ignore 108.65 support, 61.8% Fibonacci retracement level of 108.50 and mid-month low near 108.23 could interrupt the south-run to monthly bottom surrounding 107.90.

Alternatively, pair’s break of 23.6% Fibonacci retracement level of 109.11 could keep upside momentum intact towards 109.30 and monthly tops close to 109.50.

USD/JPY 4-hour chart

Trend: Pullback expected

additional important levels

Overview
Today last price	109
Today Daily Change	5 pips
Today Daily Change %	0.05%
Today daily open	108.95

Trends
Daily SMA20	108.76
Daily SMA50	108.31
Daily SMA100	107.72
Daily SMA200	108.95

Levels
Previous Daily High	108.98
Previous Daily Low	108.63
Previous Weekly High	109.08
Previous Weekly Low	108.28
Previous Monthly High	109.29
Previous Monthly Low	106.48
Daily Fibonacci 38.2%	108.85
Daily Fibonacci 61.8%	108.77
Daily Pivot Point S1	108.73
Daily Pivot Point S2	108.51
Daily Pivot Point S3	108.38
Daily Pivot Point R1	109.08
Daily Pivot Point R2	109.2
Daily Pivot Point R3	109.43

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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