USD/JPY technical analysis: Holds steady above mid-108.00s, awaits fresh catalyst

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USD/JPY technical analysis: Holds steady above mid-108.00s, awaits fresh catalyst

  • The pair showed some resilience below 50% Fibo. level.
  • Set-up support prospects for some dip-buying interest.

The USD/JPY pair stalled its recent pullback from the vicinity of the 109.00 handles, or 2-1/2 month tops, and managed to regain some positive traction on the first day of a new trading week.

The pair showed some resilience below 50% Fibonacci level of the 112.40-104.45 downfall, which is closely followed by a five-month-old descending trend-line resistance breakpoint near the 108.00 marks.

Given that the pair’s recent failure just ahead of the very important 200-day SMA, weakness below the mentioned handle is likely to accelerate the slide further towards the 107.55 confluence support.

The latter comprises of 100-day SMA and 38.2% Fibo. level, which if broken decisively might negate any near-term bullish bias and set the stage for a further near-term depreciating move.


Meanwhile, technical indicators on hourly/daily charts have been drifting lower but remained well within the bullish territory, supporting prospects for the emergence of some dip-buying interest.

Hence, it will be prudent to wait for a sustained breakthrough the said confluence support before traders again start positioning for the resumption of the pair’s prior well-established bearish trend.

On the flip side, any attempted positive move might continue to confront some fresh supply near the 109.00 handle (200-DMA), which if cleared now seems to pave the way for additional near-term gains.


Today last price 108.57
Today Daily Change 0.16
Today Daily Change % 0.15
Today daily open 108.41
Daily SMA20 107.81
Daily SMA50 107.2
Daily SMA100 107.56
Daily SMA200 109.07
Previous Daily High 108.74
Previous Daily Low 108.33
Previous Weekly High 108.94
Previous Weekly Low 108.03
Previous Monthly High 108.48
Previous Monthly Low 105.74
Daily Fibonacci 38.2% 108.48
Daily Fibonacci 61.8% 108.58
Daily Pivot Point S1 108.25
Daily Pivot Point S2 108.09
Daily Pivot Point S3 107.84
Daily Pivot Point R1 108.65
Daily Pivot Point R2 108.9
Daily Pivot Point R3 109.06
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