- USD/JPY seesaw around the three-week low.
- 50-day EMA, rising trend line since late-August limit immediate declines.
- 61.8% Fibonacci retracement level seems the key resistance.
Despite declining to a three-week low, USD/JPY fails to extend the south-run as its nearness to the important technical indicators. The quote trades around 108.00 by the press time of pre-European session on Friday.
The pair needs to close beyond 107.95, comprising the lower-end of 50-day Exponential Moving Average (EMA) and medium-term rising support line, to extend its latest drop and revisit October month low nearing 106.50.
However, 38.2% Fibonacci retracement of April-August declines, at 107.52, can offer an intermediate halt during the downpour.
Alternatively, intra-day traders may keep looking for a bounce if prices increase over 50% Fibonacci retracement level of 108.45.
In doing so, the recent high around 109.30 and 61.8% Fibonacci retracement level of 109.40 will be their major challenges while aiming late-May high close to 110.70.
USD/JPY daily chart
Trend: pullback expected
additional important levels
|Today last price||107.99|
|Today Daily Change||-3 pips|
|Today Daily Change %||-0.03%|
|Today daily open||108.02|
|Previous Daily High||108.9|
|Previous Daily Low||107.92|
|Previous Weekly High||108.78|
|Previous Weekly Low||108.25|
|Previous Monthly High||109.29|
|Previous Monthly Low||106.48|
|Daily Fibonacci 38.2%||108.3|
|Daily Fibonacci 61.8%||108.53|
|Daily Pivot Point S1||107.66|
|Daily Pivot Point S2||107.3|
|Daily Pivot Point S3||106.68|
|Daily Pivot Point R1||108.64|
|Daily Pivot Point R2||109.27|
|Daily Pivot Point R3||109.63|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.