The USD/JPY pair fell to 108.79 – the lowest level since Jan. 17 – soon before press time and risks falling further, courtesy of the Fed’s dovish turn.
Daily chat
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As seen above, the pair created a bearish outside-day reversal candle yesterday, signaling an end of the corrective bounce from the lows below 105.00 seen on Jan. 3.
A close below 108.81 (yesterday’s low) would validate the bearish outside-day and open the doors for a sustained drop to 107.50.
Other factors are also aligned in favor of the bears. For instance, the 5- and 10-day MAs have produced a bearish crossover and the 14-day RSI is reporting bearish conditions with below-50 reading.
Trend: bearish
USD/JPY
Overview:
Today Last Price: 108.78
Today Daily change: -17 pips
Today Daily change %: -0.16%
Today Daily Open: 108.95
Trends:
Daily SMA20: 108.94
Daily SMA50: 110.93
Daily SMA100: 111.92
Daily SMA200: 111.26
Levels:
Previous Daily High: 109.74
Previous Daily Low: 108.81
Previous Weekly High: 110
Previous Weekly Low: 109.14
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Daily Fibonacci 38.2%: 109.17
Daily Fibonacci 61.8%: 109.39
Daily Pivot Point S1: 108.59
Daily Pivot Point S2: 108.23
Daily Pivot Point S3: 107.65
Daily Pivot Point R1: 109.53
Daily Pivot Point R2: 110.11
Daily Pivot Point R3: 110.47
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