“¢ The pair extended this week’s retracement slide from YTD tops and remained under some selling pressure for the second consecutive session on Wednesday.
“¢ The momentum dragged the pair to 1-1/2 week lows, with bears eyeing a test of near two-month-old ascending trend-channel support amid the prevalent risk-off mood.
“¢ Bearish technical indicators on hourly charts point to further declines, though neutral oscillators on daily chart warrant some caution before placing any aggressive bearish bets.
“¢ Hence, it would be prudent to wait for a convincing break through the mentioned trend-channel before confirming that the pair might have already topped out in the near-term.
“¢ Below the mentioned support, the pair is likely to weaken further below the key 110.00 psychological mark and test its next support near the 109.60 horizontal zone.
“¢ However, a sustained move beyond the 111.00 handle might negate the bearish outlook and assist the pair to aim towards challenging 100-day SMA, around mid-111.00s.
USD/JPY 4-hourly chart
USD/JPY
Overview:
Today Last Price: 110.43
Today Daily change: -14 pips
Today Daily change %: -0.13%
Today Daily Open: 110.57
Trends:
Daily SMA20: 110.23
Daily SMA50: 109.83
Daily SMA100: 111.4
Daily SMA200: 111.31
Levels:
Previous Daily High: 111.1
Previous Daily Low: 110.42
Previous Weekly High: 110.96
Previous Weekly Low: 110.42
Previous Monthly High: 110
Previous Monthly Low: 104.75
Daily Fibonacci 38.2%: 110.68
Daily Fibonacci 61.8%: 110.84
Daily Pivot Point S1: 110.29
Daily Pivot Point S2: 110.02
Daily Pivot Point S3: 109.61
Daily Pivot Point R1: 110.97
Daily Pivot Point R2: 111.37
Daily Pivot Point R3: 111.65