USD/JPY Price Analysis: Re-testing weekly highs, shy of the 20-DMA

USD/JPY remains sideways, trapped within the 129.00/131.00 range.
Buyers are unable to conquer the 20-day Exponential Moving Average, and keep the USD/JPY pair range-bound.
USD/JPY Price Analysis: Remains exposed to selling pressure, as its bias is still downwards.

Christian Borjon Valencia FXStreet

The USD/JPY bounces from weekly lows reached early Thursday at 129.02 and reclaimed the 130.00 psychological level, eyeing a test of the 20-day Exponential Moving Average (EMA) at 130.70. Nevertheless, the USD/JPY fell short and hit a daily high at 130.61, settling around current exchange rates. At the time of writing, the USD/JPY is trading at 130.34.

USD/JPY Price Analysis: Technical outlook

Although USD/JPY buyers are staging a comeback late in the week, they have been unable to crack the 20-day EMA, which exposes the pair to selling pressure. Traders should be aware that long term, the USD/JPY remains downward biased, and it can shift to neutral if buyers reclaim the January 11 high of 131.57.

Failure to crack the 20-day EMA paves the way for a bearish continuation. Therefore, the USD/JPY first support would be the psychological 130.00 figure, followed by a test of this week’s low of 129.02. A breach of the latter and the USD/JPY might fall toward the year-to-date (YTD) low of 127.21, hit on January 16.

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price	130.31
Today Daily Change	0.71
Today Daily Change %	0.55
Today daily open	129.6

Trends
Daily SMA20	130.59
Daily SMA50	134.24
Daily SMA100	139.73
Daily SMA200	136.75

Levels
Previous Daily High	130.58
Previous Daily Low	129.27
Previous Weekly High	131.58
Previous Weekly Low	127.22
Previous Monthly High	138.18
Previous Monthly Low	130.57
Daily Fibonacci 38.2%	129.77
Daily Fibonacci 61.8%	130.08
Daily Pivot Point S1	129.05
Daily Pivot Point S2	128.5
Daily Pivot Point S3	127.73
Daily Pivot Point R1	130.37
Daily Pivot Point R2	131.13
Daily Pivot Point R3	131.68

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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