USD/JPY technical analysis: On the back foot below 21-DMA

USD/JPY remains below 21-DMA, near-term key horizontal resistance.
Recent low, nine-week-old support-line limit immediate downside.

Anil Panchal FXStreet

Not only multiple failures to cross a two-month-old horizontal area but sustained trading below 21-day simple moving average (DMA) also portrays the USD/JPY pair’s weakness as it makes the rounds to 105.75 during early Tuesday.

While 105.00 can act as immediate support, latest bottom and a nine-week-old falling trend-line, near 104.50/45, restricts pair’s further declines.

In a case where prices keep trading southwards past-104.45, bears might not hesitate to target late-2016 lows surrounding 102.50.

Alternatively, 21-DMA level of 106.45 and 106.77/80 confine the pair’s near-term advances, a break of which can propel prices to July month low of 107.21 and then to 38.2% Fibonacci retracement of a downpour since late-April, around 107.50.

USD/JPY daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	105.72
Today Daily Change	-41 pips
Today Daily Change %	-0.39%
Today daily open	106.13

Trends
Daily SMA20	106.48
Daily SMA50	107.42
Daily SMA100	108.81
Daily SMA200	109.87

Levels
Previous Daily High	106.42
Previous Daily Low	104.45
Previous Weekly High	106.74
Previous Weekly Low	105.26
Previous Monthly High	109.01
Previous Monthly Low	107.21
Daily Fibonacci 38.2%	105.67
Daily Fibonacci 61.8%	105.2
Daily Pivot Point S1	104.91
Daily Pivot Point S2	103.7
Daily Pivot Point S3	102.95
Daily Pivot Point R1	106.88
Daily Pivot Point R2	107.63
Daily Pivot Point R3	108.84

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.

EUR/USD remains bid, focus stays on 1.1900

EUR/USD has broken its two-day run of losses and is ticking modestly higher on Thursday, hovering around the 1.1880 area as the US Dollar struggles to find clear direction. Weekly Initial Jobless Claims rose more than expected, taking a bit of shine off the Greenback, but markets are largely in wait-and-see mode ahead of Friday’s US CPI release.

GBP/USD sticks to the bid bias, still below 1.3700

GBP/USD is trading with decent gains around 1.3650 on Thursday. Indeed, Cable is attempting to shake off the weakness seen earlier in the week amid another choppy session for the Greenback, while a run of disappointing UK data has so far failed to derail the pair’s tentative recovery.