USD/JPY Technical Analysis: Weekly close beyond 109.70/75 will be a call to bulls

USD/JPY trades positive near the two-week high, on a five-day winning streak.
Bullish engulfing on the weekly chart confronts 109.48/52 resistance confluence.
200-week SMA adds to the resistance.

Anil Panchal FXStreet

USD/JPY takes the bids to 109.55 during the initial trading session on Friday. In doing so, the pair registers a bullish candlestick formation on the weekly chart that currently confronts the key resistance confluence.

In addition to 109.48/52 area including 50% Fibonacci retracement of October 2018 top to August 2019 low and a downward sloping trend line since November 2018, 200-week SMA around 109.70/75 also challenges the buyers.

If at all USD/JPY prices register a weekly closing beyond 109.75, it confirms the bullish engulfing candlestick pattern on the chart while also the bulls to aim for the late-May top near 110.00.

Following that, 61.8% Fibonacci retracement level of 110.70 and April 2019 high of 112.40 will lure the buyers.

On the downside, pair’s declines below 108.45/40 hold the key to 108.00 and 107.50 support levels. However, the pair’s drop beneath 107.50 might not refrain from dragging the quote to the sub-107.00 region.

USD/JPY weekly chart

Trend: Bullish

additional important levels

Overview
Today last price	109.53
Today Daily Change	3 pips
Today Daily Change %	0.03%
Today daily open	109.5

Trends
Daily SMA20	109.12
Daily SMA50	108.97
Daily SMA100	108.3
Daily SMA200	108.61

Levels
Previous Daily High	109.58
Previous Daily Low	109.01
Previous Weekly High	109.49
Previous Weekly Low	107.84
Previous Monthly High	109.8
Previous Monthly Low	108.43
Daily Fibonacci 38.2%	109.37
Daily Fibonacci 61.8%	109.23
Daily Pivot Point S1	109.15
Daily Pivot Point S2	108.79
Daily Pivot Point S3	108.58
Daily Pivot Point R1	109.72
Daily Pivot Point R2	109.94
Daily Pivot Point R3	110.29

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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