USD/JPY technical analysis: Sellers look for entry below 108.00/107.95 confluence


  • 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

Overview
Today last price 107.99
Today Daily Change -3 pips
Today Daily Change % -0.03%
Today daily open 108.02
 
Trends
Daily SMA20 108.3
Daily SMA50 107.63
Daily SMA100 107.58
Daily SMA200 109.05
 
Levels
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

 

 

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