“¢ Fresh concerns about the health of the global economy provided a strong boost to the JPY’s relative safe-haven status and prompted some aggressive selling around the major.
“¢ A sustained weakness back below the very important 200-day SMA was seen as a key trigger for bearish traders and behind the pair’s sharp intraday slide to over one-week lows.
“¢ The downward momentum further dragged the pair below 23.6% Fibo. level of the 108.50-112.14 up-move, with bears now eyeing a decisive break through the 111.00 mark.
“¢ The mentioned handle marks a short-term ascending trend-line support, extending from early Feb. lows, and should act as a key pivotal point for the pair’s near-term trajectory.
“¢ Technical indicators on hourly charts are already pointing to oversold conditions and seemed to be the only factor helping limit further downside ahead of today’s key data risk – NFP.
USD/JPY daily chart
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USD/JPY
Overview:
Today Last Price: 111.02
Today Daily change: -61 pips
Today Daily change %: -0.55%
Today Daily Open: 111.63
Trends:
Daily SMA20: 110.95
Daily SMA50: 109.89
Daily SMA100: 111.36
Daily SMA200: 111.39
Levels:
Previous Daily High: 111.86
Previous Daily Low: 111.48
Previous Weekly High: 112.08
Previous Weekly Low: 110.35
Previous Monthly High: 111.5
Previous Monthly Low: 108.73
Daily Fibonacci 38.2%: 111.63
Daily Fibonacci 61.8%: 111.72
Daily Pivot Point S1: 111.45
Daily Pivot Point S2: 111.28
Daily Pivot Point S3: 111.07
Daily Pivot Point R1: 111.83
Daily Pivot Point R2: 112.04
Daily Pivot Point R3: 112.21
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