USD/JPY Technical Analysis: Oscillates in a range between 50/100-hour SMAs
• The pair's bearish breakthrough an ascending trend-line lacked any follow-through, rather managed to find some support near 50-hour SMA, just ahead of the 108.00 handle.
• The rebound, however, remained capped at 100-hour SMA amid persistent USD selling bias and weaker equities, which continued underpinning the JPY's safe-haven demand.
• Neutral technical indicators on the 1-hourly chart haven't been supportive of any firm intraday direction, while bearish oscillators on the 4-hourly chart point to further downfall.
• Meanwhile, slightly oversold conditions on the daily chart point to an extension of the sideway consolidative price-action or further recovery from Thursday's flash crash low.
• Hence, it would be prudent to wait for a convincing break, either beyond 100-hour SMA or 50-hour SMA, before traders start positioning for any meaningful intraday momentum.
USD/JPY 1-hourly chart
Today Last Price: 108.31
Today Daily change: -15 pips
Today Daily change %: -0.138%
Today Daily Open: 108.46
Previous Daily SMA20: 111.24
Previous Daily SMA50: 112.44
Previous Daily SMA100: 112.28
Previous Daily SMA200: 111.1
Previous Daily High: 108.6
Previous Daily Low: 107.47
Previous Weekly High: 110.48
Previous Weekly Low: 104.75
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Previous Daily Fibonacci 38.2%: 108.16
Previous Daily Fibonacci 61.8%: 107.9
Previous Daily Pivot Point S1: 107.75
Previous Daily Pivot Point S2: 107.04
Previous Daily Pivot Point S3: 106.62
Previous Daily Pivot Point R1: 108.88
Previous Daily Pivot Point R2: 109.3
Previous Daily Pivot Point R3: 110.01