- The pair was seen consolidating the recent gains to over two-month tops.
- The near-term bias might have already shifted in favour of bullish traders.
The USD/JPY pair extended its sideways consolidative price action through the Asian session on Thursday and remained confined in a narrow trading band above mid-108.00s.
The mentioned region marks a resistance breakpoint and coincides with the 50% Fibonacci level of the 112.40-104.45 downfall and should act as a key pivotal point for intraday traders.
Meanwhile, oscillators on the daily chart maintained their bullish bias and have also eased from slightly overbought conditions on the 4-hourly chart, favouring short-term bullish traders.
A sustained move beyond the 109.00 handle will further reinforce the constructive set-up and set the stage for an accelerated move up towards the 109.30 next resistance zone.
The said hurdle represents early August swing highs and 61.8% Fibo. level, which if cleared will negate any bearish bias and pave the way for a further near-term appreciating move.
The pair could then surpass an intermediate resistance near the 109.60-65 region and aim towards reclaiming the key 110.00 psychological mark en-route mid-110.00s supply zone.
On the flip side, any pullback below the mentioned resistance turned support might still be seen as a buying opportunity and help limit the downside near the 109.00-108.90 support area.
USD/JPY 4-hourly chart
|Today last price||108.75|
|Today Daily Change||0.00|
|Today Daily Change %||0.00|
|Today daily open||108.75|
|Previous Daily High||108.88|
|Previous Daily Low||108.56|
|Previous Weekly High||108.63|
|Previous Weekly Low||106.65|
|Previous Monthly High||108.48|
|Previous Monthly Low||105.74|
|Daily Fibonacci 38.2%||108.68|
|Daily Fibonacci 61.8%||108.76|
|Daily Pivot Point S1||108.59|
|Daily Pivot Point S2||108.42|
|Daily Pivot Point S3||108.27|
|Daily Pivot Point R1||108.9|
|Daily Pivot Point R2||109.04|
|Daily Pivot Point R3||109.21|
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