USD/JPY Technical Analysis: Signals further recovery towards 108.88/93 confluence

USD/JPY remains on the front foot after breaking the one-week-old descending trend line.
100/200-bar EMA, Thursday’s high on the Bull’s radar.
Sellers can aim for October lows during fresh downside.

Anil Panchal FXStreet

USD/JPY takes the bids to 108.50 amid the initial trading session on Tuesday. The pair holds onto its recovery gains after breaking short-term falling resistance line (now support).

In doing so, buyers are now looking towards a confluence of 100 and 200-bar EMA as well as high marked on Thursday, around 108.88/93.

Should buyers manage to conquer 108.93, 109.20 and 109.80 are likely next levels to watch during further upside.

Meanwhile, pair’s break below resistance-turned-support, at 108.30, can drag it back to the recent low of 107.77.

Assuming the quote’s weakness below 107.77, the Bears can target 107.00 and October month low near 106.50.

USD/JPY four-hour chart

Trend: Recovery expected

Additional important levels

Overview
Today last price	108.48
Today Daily Change	4 pips
Today Daily Change %	0.04%
Today daily open	108.44

Trends
Daily SMA20	109.09
Daily SMA50	108.94
Daily SMA100	108.22
Daily SMA200	108.65

Levels
Previous Daily High	108.51
Previous Daily Low	107.77
Previous Weekly High	109.49
Previous Weekly Low	107.84
Previous Monthly High	109.8
Previous Monthly Low	108.43
Daily Fibonacci 38.2%	108.23
Daily Fibonacci 61.8%	108.05
Daily Pivot Point S1	107.97
Daily Pivot Point S2	107.5
Daily Pivot Point S3	107.24
Daily Pivot Point R1	108.71
Daily Pivot Point R2	108.98
Daily Pivot Point R3	109.44

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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