USD/JPY technical analysis: Sellers look for entry below 109.00


  • USD/JPY retraces from fresh five-month high.
  • 100-bar SMA holds the key to 109.35/30 support confluence.
  • Bearish MACD, broad risk-off keep sellers hopeful.

Failure to rise successfully beyond May-end tops drags the USD/JPY pair to near-term support line while flashing 109.06 as a quote amid the initial trading session on Monday.

The pair slips below a one-week-old rising trend line, at 109.10 now, but a sustained break of 109.00 becomes necessary for sellers who follow the bearish signal from 12-bar Moving Average Convergence and Divergence (MACD) while targeting 100-bar Simple Moving Average (SMA) level of 108.70.

During the quote’s additional weakness past-108.70, the 108.35/30 area including an upward sloping trend line since early-October and 38.2% Fibonacci retracement of October-November rise will gain sellers’ attention.

On the upside, pair’s successful rise past-109.10 needs to cross 109.50 to aim for 110.00 and May 21 high near 110.70.

It's worth mentioning that the trade tension between the United States (US) and China, coupled with geopolitical plays concerning Iran and Iraq, not to forget renewed protests in Hong Kong, recently favored markets risk-off mood.

USD/JPY 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price 109.06
Today Daily Change -16 pips
Today Daily Change % -0.15%
Today daily open 109.22
 
Trends
Daily SMA20 108.71
Daily SMA50 107.98
Daily SMA100 107.64
Daily SMA200 109.03
 
Levels
Previous Daily High 109.48
Previous Daily Low 109.08
Previous Weekly High 109.49
Previous Weekly Low 108.1
Previous Monthly High 109.29
Previous Monthly Low 106.48
Daily Fibonacci 38.2% 109.23
Daily Fibonacci 61.8% 109.32
Daily Pivot Point S1 109.04
Daily Pivot Point S2 108.86
Daily Pivot Point S3 108.63
Daily Pivot Point R1 109.44
Daily Pivot Point R2 109.66
Daily Pivot Point R3 109.84

 

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD hits highest since March amid US protests, European reopening

EUR/USD has jumped above 1.1150, trading at the highest since March. Protests in the US are grabbing the headlines and marginally supporting the dollar. European countries continue reopening their economies amid falling coronavirus statistics. 

EUR/USD News

GBP/USD resumes rally amid Brexit optimism, dollar weakness

GBP/USD is trading above 1.2550, extending its gains. Reports about British readiness to compromise in Brexit talks, conditioned on EU concessions, is helping boost the pound. US protests are eyed.

GBP/USD News

Bitcoin is three steps away from $14000

Bitcoin joins the list of bullish breakouts and leaves the relative highs at $14000 as a clear target in the short term. Ethereum continues to gain market share and sets the price level of $300 as a goal in the short term.

Read more

Gold trades with modest losses around $1735 level, downside seems limited

Gold traded with a mild negative bias through the early European session and was last seen hovering near the lower end of its daily range, around the $1735 region.

Gold News

WTI sits at three-month highs near $36.50 ahead of Russia’s decision, API

WTI (July futures on Nymex) broke its bullish consolidative phase to the upside in the European session and clinched fresh three-month highs at 36.48.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures