USD/JPY technical analysis: Subsequent up-move is likely to remain capped near 109.00 handle

The USD/JPY pair's overnight pullback managed to find decent support near a confluence support - comprising of 100-hour SMA and 23.6% Fibo. level of the 109.93-107.81 recent slide.
The pair regained some traction on Tuesday and climbed back closer to over one-week tops, with bulls making a fresh attempt to extend the momentum further beyond 38.2% Fibo. level.

Haresh Menghani FXStreet

Meanwhile, technical indicators on hourly charts managed to hold with a mild positive bias but are yet to catch up with the recent up-move on the daily chart, warranting some caution before placing any aggressive bullish bets.

Hence, any subsequent up-move seems more likely to confront a stiff resistance, rather attract some fresh selling near another confluence barrier – comprising of 50% Fibo. level and one-week-old ascending trend-line.

On the flip side, a convincing break below the overnight swing low, around the 108.30 region, will point to the resumption of the pair’s well-established near-term bearish trend and accelerate the slide back towards sub-108.00 level.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price	108.67
Today Daily Change	0.22
Today Daily Change %	0.20
Today daily open	108.45

Trends
Daily SMA20	109.25
Daily SMA50	110.5
Daily SMA100	110.54
Daily SMA200	111.29

Levels
Previous Daily High	108.72
Previous Daily Low	108.31
Previous Weekly High	108.62
Previous Weekly Low	107.81
Previous Monthly High	111.71
Previous Monthly Low	108.23
Daily Fibonacci 38.2%	108.47
Daily Fibonacci 61.8%	108.56
Daily Pivot Point S1	108.27
Daily Pivot Point S2	108.08
Daily Pivot Point S3	107.86
Daily Pivot Point R1	108.67
Daily Pivot Point R2	108.9
Daily Pivot Point R3	109.08

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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