“¢ The pair now seems to have found acceptance below important confluence support, comprising of a short-term ascending trend-line and 100-day SMA.
“¢ A subsequent fall below 23.6% Fibo. level of the 104.63-114.55 upswing confirms a bearish breakthrough a symmetrical triangular formation on the daily chart.
“¢ With technical indicators on the daily chart holding in the bearish territory and still far from being oversold, the pair remains vulnerable to extend the ongoing slide.
“¢ Hence, a follow-through weakness, towards testing 200-day SMA and 38.2% Fibo. level confluence support, around the 110.80 region, now looks a distinct possibility.
USD/JPY daily chart
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USD/JPY
Overview:
Today Last Price: 111.79
Today Daily change: -80 pips
Today Daily change %: -0.711%
Today Daily Open: 112.59
Trends:
Previous Daily SMA20: 113.18
Previous Daily SMA50: 112.99
Previous Daily SMA100: 112.41
Previous Daily SMA200: 110.85
Levels:
Previous Daily High: 112.64
Previous Daily Low: 112.09
Previous Weekly High: 113.71
Previous Weekly Low: 112.24
Previous Monthly High: 114.25
Previous Monthly Low: 112.3
Previous Daily Fibonacci 38.2%: 112.43
Previous Daily Fibonacci 61.8%: 112.3
Previous Daily Pivot Point S1: 112.24
Previous Daily Pivot Point S2: 111.88
Previous Daily Pivot Point S3: 111.68
Previous Daily Pivot Point R1: 112.8
Previous Daily Pivot Point R2: 113
Previous Daily Pivot Point R3: 113.35
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