“¢ The pair held on to a mildly positive tone for the second consecutive session on Tuesday, albeit trimmed a part of its early gains to over six-week high level of 110.65.
“¢ The pair struggled to capitalize on the early uptick and failed near a confluence barrier – comprising of 55-day SMA and 61.8% Fibo. level of the 114.21-104.69 downfall.
“¢ Slightly overbought conditions on hourly charts seemed to be the only factor capping gains, rather prompting some long-unwinding trade amid a modest USD pull-back.
“¢ However, oscillators on the daily chart have just started gaining positive traction and support prospects for an extension of the recent bullish break through the 110.00 handle.
“¢ Hence, any dips back towards the mentioned resistance break-point might now be seen as a buying opportunity for an eventual move beyond the 111.00 round figure mark.
USD/JPY daily chart
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USD/JPY
Overview:
Today Last Price: 110.49
Today Daily change %: 0.08%
Today Daily Open: 110.4
Trends:
Daily SMA20: 109.53
Daily SMA50: 110.35
Daily SMA100: 111.72
Daily SMA200: 111.28
Levels:
Previous Daily High: 110.47
Previous Daily Low: 109.7
Previous Weekly High: 110.16
Previous Weekly Low: 109.43
Previous Monthly High: 110
Previous Monthly Low: 104.75
Daily Fibonacci 38.2%: 110.18
Daily Fibonacci 61.8%: 109.99
Daily Pivot Point S1: 109.91
Daily Pivot Point S2: 109.42
Daily Pivot Point S3: 109.13
Daily Pivot Point R1: 110.68
Daily Pivot Point R2: 110.96
Daily Pivot Point R3: 111.45
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