After the USD/JPY pair has set fresh 1-month high, now is trying to retain the 114.00 level. The four hour time frame is showing that the pair continues trading well above its 100-day and 200-day SMAs and both are gaining ground just modestly, some 100 pips below the current level. Technical indicators in the same chart ease within positive levels, the Momentum at fresh daily lows and the RSI barely easing from overbought territory with last one limiting the downside potential. Bulls and bears are now battling for dominance. Should the pair lose the 113.85, the immediate support, bears will take control and the pair could extend its retracement then, down to 113.40. Above the mentioned high, on the other hand, the pair has room to extend its advance up to 114.54, the October monthly high.
USDJPY Technical Levels
- Thread starter RamPurushothaman
- Start date
USD/JPY pulled back from the daily highs and fell below 114.00. The pair closed the previous day with modest losses, and today gained some traction rising to a daily high of 114.15 before losing its bullish momentum. The initial for aligns at 114.20 ahead of 114.55 and 115.00 ( the psychological level). The downside offers supports at 113.60, 113.00 and 112.00 (the psychological level).
fxstrategist
Corporal
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The USDJPY is stuck at the resistance on the 114.00 level, but the bullish pressure is building up at that level. Above the 114.00 level, its next resistance could be the 114.77 level. To the downside, the 113.00 level could act as support.
The USD/JPY fell to 113.29 and reached a new weekly low. Currently is trading few pips above the level by the end of the US session. On the four hour time frame the pair is developing well above its 100 and 200 SMA, both around the 113.00 level and with the shortest advancing below the larger one as technical indicatorsresume their declines within negative levels, skewing the risk to the downside. Renewed selling interest below 113.20, now the immediate support should lead to a steeper decline, particularly if Asian shares follow the lead of their overseas counterparts.
USD/JPY is extending its slide toward 113.00 handle today despite the upbeat US retail sales data.
On the four hour time frame the price is developing around the mild bullish 100-day SMA before bouncing and currently is trading around the daily highs. Technical indicators also recovered after nearing oversold readings, holding below their midlines but with an increased upward strength, indicating that the pair could continue recovering ground. The key will be stocks´ behavior as a mirror of the market's sentiment. Should equities continue recovering, the pair could regain the 114.00 level, although a turn to the worst in sentiment will likely see it back challenging the 113.00/10 support zone.
On the four hour time frame the price is developing around the mild bullish 100-day SMA before bouncing and currently is trading around the daily highs. Technical indicators also recovered after nearing oversold readings, holding below their midlines but with an increased upward strength, indicating that the pair could continue recovering ground. The key will be stocks´ behavior as a mirror of the market's sentiment. Should equities continue recovering, the pair could regain the 114.00 level, although a turn to the worst in sentiment will likely see it back challenging the 113.00/10 support zone.
fxstrategist
Corporal
- Messages
- 742
The pullback continues on the USDJPY and comes near the 113.00 level, but goes back up. To the upside, the 114.00 level could act again as resistance. Above the 114.00 level, the next resistance could be the 114.54 level.
USD/JPY is holding above the mild bullish 100-day SMA, currently at 112.95, which gains upward traction above the directionless 200-day SMA. Technical indicator on the four hour time frame resumed their declines after a failed attempt to regain the upside, now nearing weekly lows and skewing the risk to the downside.
USD/JPY is technically bearish as seen on the four hour time frame. The pair spent the day hovering around the Friday's close and below the 100-day and 200-day SMAs. Technicalindicators have stabilized with the stochastic holding near oversold readings and the RSI up from its lows but far into negative ground, indicating the absence of buying interest. The monthly low at 112.55 is the immediate support, with a break below the level opening doors for a steeper decline toward 111.80.
USD/JPY bulls have taken back control and the price is now much higher according to the daily lows. Technically, on the four hour time frame the price is below all of its moving averages. Technical indicators remains around oversold area, but lacking directional strength and leaning the risk to the downside. Currently the price is standing at around 112.80, the 20-day SMA and next bullish targets is seen at 112.95, which if broken will open doors for testing the psychological 113.00 level.
The short-term outlook for USD/JPY remains bullish, as the price has recovered above the directionless 200-day SMA and is developing below the 100-day SMA , which is heading north at around 113.35. Technical indicators on the four hour time frame have entered into positive area with the RSI advancing at 52 but the Momentum lacking directional strength. A firmer brake above the above mentioned 100-day SMA might bring additional gains, as long as the positive mood persists.
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