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.

EUR/USD retakes 1.1800 on renewed USD weakness

EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets

Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.