USD/JPY Technical Analysis: Sellers continue to lurk ahead of 110.00

Anil Panchal FXStreet

USD/JPY daily chart

A horizontal-line connecting August 2018 closing lows to the highs marked during 2019 so far restricts USD/JPY upside around 110.00 on early Thursday.
As a result, chances of the pair’s pullback to the 109.10 and then to the 108.70 support-line can’t be denied.
On the flip side, a daily closing beyond 110.00 can trigger an upside towards 50-day simple moving average (SMA) level of 110.65 prior to highlighting 111.25, including 200-day SMA, as resistance.

USD/JPY 4-hour chart

On the shorter time frame, 109.50 can offer immediate support ahead of shifting focus to the 109.10 and then to the 108.70.
If there prevail additional downside pressure after 108.70, then 108.50 and 107.70 could regain market attention.
Meanwhile, 61.8% Fibonacci Retracement of its recent declines, around 110.50, acts as adjacent resistance for the pair once it clears the 110.00 barrier.

USD/JPY Hourly chart

The 109.60 and the 110.00 restricts the pair’s near-term moves with 109.50 and the 110.15 being follow-on levels to observe on either side breaks.
The 61.8% Fibonacci expansion on latest pullback, at 110.45 can please buyers after 110.15 while 109.50 and 109.10 seem sellers’ bets past-109.60.

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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