USD/JPY technical analysis: Struggles near mid-108.00s pivotal point amid weaker USD

  • Drifts lower for the third straight session on Friday.
  • Neutral set-up warrants caution for aggressive traders.

The USD/JPY pair remained depressed for the third consecutive session on Friday and is currently flirting with a previous resistance, now turned support near the 108.50-45 region.
The mentioned region coincides with the 50% Fibonacci level of the 112.40-104.45 downfall, which should act as a key pivotal point and help determine the pair's near-term trajectory.
Meanwhile, oscillator on the 4-hourly chart have been losing positive momentum but managed to hold in the bullish territory on the daily chart, warranting caution for bearish traders.
However, sustained weakness below the said support now seems to accelerate the slide towards the 108.00-107.90 intermediate support en-route 100-day SMA – around mid-107.00s
On the flip side, bulls are likely to wait for a decisive breakthrough the 109.00 handle – nearing the very important 200-day SMA – before positioning for any further positive move.
Above the mentioned barrier, the pair seems all set to surpass intermediate resistance near the 109.30 region and 109.60-65 region and aim towards reclaiming the 110.00 psychological mark.

USD/JPY daily chart



Today last price 108.5
Today Daily Change -0.14
Today Daily Change % -0.13
Today daily open 108.64
Daily SMA20 107.77
Daily SMA50 107.15
Daily SMA100 107.56
Daily SMA200 109.07
Previous Daily High 108.94
Previous Daily Low 108.45
Previous Weekly High 108.63
Previous Weekly Low 106.65
Previous Monthly High 108.48
Previous Monthly Low 105.74
Daily Fibonacci 38.2% 108.64
Daily Fibonacci 61.8% 108.75
Daily Pivot Point S1 108.42
Daily Pivot Point S2 108.19
Daily Pivot Point S3 107.93
Daily Pivot Point R1 108.91
Daily Pivot Point R2 109.17
Daily Pivot Point R3 109.4



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