“¢ The pair stalled its rejection slide from the 110.00 handle and managed to find some support ahead of confluence support, recovering around 20-pips from daily lows.
“¢ The mentioned support, comprising of 100-hour SMA and 38.2% Fibo. level of the 108.50-110.16 recent up-move, would now act as a key pivotal point for intraday traders.
“¢ Mixed technical indicators on hourly/daily charts haven’t been supportive of any firm direction and hence, it would be prudent to wait for a decisive break in either direction.
“¢ Weakness below mid-109.00s now seems to pave the way for a further downfall, while a decisive break-through the 110.00 mark might trigger a near-term short-covering rally.
USD/JPY 1-hourly chart
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USD/JPY
Overview:
Today Last Price: 109.74
Today Daily change %: -0.18%
Today Daily Open: 109.94
Trends:
Daily SMA20: 109.19
Daily SMA50: 110.63
Daily SMA100: 111.82
Daily SMA200: 111.27
Levels:
Previous Daily High: 110.04
Previous Daily Low: 109.78
Previous Weekly High: 109.74
Previous Weekly Low: 108.5
Previous Monthly High: 110
Previous Monthly Low: 104.75
Daily Fibonacci 38.2%: 109.94
Daily Fibonacci 61.8%: 109.88
Daily Pivot Point S1: 109.8
Daily Pivot Point S2: 109.66
Daily Pivot Point S3: 109.54
Daily Pivot Point R1: 110.07
Daily Pivot Point R2: 110.19
Daily Pivot Point R3: 110.33
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