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ANALYSIS:USD/JPY technical analysis: Looks vulnerable near 107.85-80 horizontal support

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USD/JPY technical analysis: Looks vulnerable near 107.85-80 horizontal support

  • The USD/JPY pair failed to capitalize on its early uptick and has now retreated back below the 108.00 handle, towards the lower end of its daily trading range. 
  • The pair is hovering around the 107.85-80 support area – 50% Fibo. level of the 106.78-109.00 move, which should act as a key pivotal point for intraday traders.

With technical indicators on hourly/daily charts struggling to recover from the negative territory, a follow-through selling will reaffirm a near-term bearish bias and accelerate the slide towards mid-107.00s.

The momentum could further get extended towards the 107.15 intermediate support before the pair eventually breaks below the 107.00 handle and aim towards retesting multi-month lows, around the 106.80-78 region.

On the flip side, the 108.10-15 region – nearing 38.2% Fibo. level, now seems to have emerged as an immediate resistance, above which a bout of short-covering might lift the pair towards challenging the 108.55-60 supply zone.

A convincing break above should negate any near-term bearish bias and set the stage for a possible move back towards reclaiming the 109.00 round figure mark en-route the next major hurdle near the 109.30 area.

USD/JPY 1-hourly chart

 

USD/JPY

Overview
Today last price 107.87
Today Daily Change -0.03
Today Daily Change % -0.03
Today daily open 107.9
Trends
Daily SMA20 108.09
Daily SMA50 109.39
Daily SMA100 110.3
Daily SMA200 111.01
Levels
Previous Daily High 108.61
Previous Daily Low 107.8
Previous Weekly High 109
Previous Weekly Low 107.8
Previous Monthly High 108.8
Previous Monthly Low 106.78
Daily Fibonacci 38.2% 108.11
Daily Fibonacci 61.8% 108.3
Daily Pivot Point S1 107.6
Daily Pivot Point S2 107.3
Daily Pivot Point S3 106.79
Daily Pivot Point R1 108.41
Daily Pivot Point R2 108.92
Daily Pivot Point R3 109.22
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