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  • USD/JPY trades around 110.65 ahead of European markets open on Wednesday.
  • The pair remains well passed the two-week high and follows short-term ascending trend-channel.
  • However, resistance line of the channel formation and 61.8% Fibonacci retracement of October to January decline, at 110.80, can challenge recent upside momentum.
  • Hence, buyers need to conquer the 110.80 mark on a daily closing basis prior to confronting the 200-day SMA level of 111.30 and October month low near 111.40.
  • Should there be a pullback, 110.30 and 110.00 could offer immediate support, a break of which drag the quote to 109.80 and 109.10.
  • During the pair’s extended downturn under 109.10, support-line of the channel, at 108.90, may become sellers’ favorite as it holds the gate for the pair’s drop to 108.50 and 108.00 supports.

USD/JPY daily chart

Additional important levels:

Overview:
       Today Last Price:  110.65
       Today Daily change: 18  pips
       Today Daily change %:  0.16%
       Today Daily Open:  110.47
Trends:
       Daily SMA20:  109.62
       Daily SMA50:  110.3
       Daily SMA100:  111.69
       Daily SMA200:  111.28
Levels:
       Previous Daily High:  110.66
       Previous Daily Low:  110.34
       Previous Weekly High:  110.16
       Previous Weekly Low:  109.43
       Previous Monthly High:  110
       Previous Monthly Low:  104.75
       Daily Fibonacci 38.2%:  110.54
       Daily Fibonacci 61.8%:  110.46
       Daily Pivot Point S1:  110.33
       Daily Pivot Point S2:  110.18
       Daily Pivot Point S3:  110.01
       Daily Pivot Point R1:  110.64
       Daily Pivot Point R2:  110.8
       Daily Pivot Point R3:  110.95