USD/JPY technical analysis: Stuck in a range above mid-108.00s pivotal point


  • 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

fxsoriginal

USD/JPY

Overview
Today last price 108.75
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 108.75
 
Trends
Daily SMA20 107.74
Daily SMA50 107.1
Daily SMA100 107.57
Daily SMA200 109.07
 
Levels
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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