USD/JPY Technical Analysis: Remains vulnerable near 3-month lows, 200-DMA support holds the key

Haresh Menghani FXStreet

• The pair's attempted recovery, along side an ascending trend-channel, constituted towards the formation of a bearish continuation - flag chart pattern on intraday charts.

• Technical indicators on the 1-hourly chart have moved out of oversold territory and a breakthrough the pattern support sets the stage for a resumption of the bearish trend.

• However, oscillators on 4-hourly/daily charts remain in oversold zone and hence, any subsequent fall might continue to find decent support near the very important 200-day SMA.

USD/JPY 30-mins. chart

USD/JPY

Overview:
    Today Last Price: 111.08
    Today Daily change: -14 pips
    Today Daily change %: -0.126%
    Today Daily Open: 111.22
Trends:
    Previous Daily SMA20: 113.09
    Previous Daily SMA50: 112.97
    Previous Daily SMA100: 112.4
    Previous Daily SMA200: 110.88
Levels:
    Previous Daily High: 112.67
    Previous Daily Low: 110.81
    Previous Weekly High: 113.71
    Previous Weekly Low: 112.24
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 111.52
    Previous Daily Fibonacci 61.8%: 111.96
    Previous Daily Pivot Point S1: 110.46
    Previous Daily Pivot Point S2: 109.71
    Previous Daily Pivot Point S3: 108.6
    Previous Daily Pivot Point R1: 112.32
    Previous Daily Pivot Point R2: 113.43
    Previous Daily Pivot Point R3: 114.18

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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