fxs_header_sponsor_anchor

News

USD/JPY Technical Analysis: Bulls trying to regain control, eyeing a move beyond 100/200-hour SMA

   •  The pair built on its steady recovery move from over two-week lows and has now climbed to fresh session tops, further beyond the 111.00 handle on the back of upbeat US monthly jobs report.

   •  The up-move is likely to confront stiff resistance at a confluence region, comprising of 100/200-hour SMAs and 61.8% Fibonacci retracement level of the decline over the past 24-hours.

   •  Beyond the mentioned cluster lies a previous ascending trend-line support break-point, now turned resistance, which if cleared should act as a key trigger for bullish traders.

USD/JPY 1-hourly chart

Spot Rate: 111.21
Daily Low: 110.38
Trend: Turning bullish again

Resistance
R1: 111.37 (ascending trend-line support turned resistance)
R2: 111.76 (overnight swing high)
R3: 112.00 (round figure mark)

Support
S1: 111.00 (50% Fibo. level)
S2: 110.62 (horizontal zone)
S3: 110.33 (S1 daily pivot-point)
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.