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

fxsoriginal

USD/JPY

Overview
Today last price 108.5
Today Daily Change -0.14
Today Daily Change % -0.13
Today daily open 108.64
 
Trends
Daily SMA20 107.77
Daily SMA50 107.15
Daily SMA100 107.56
Daily SMA200 109.07
 
Levels
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

 

 

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 chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.

EUR/USD News

GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 

GBP/USD News

Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures