USD/JPY technical analysis: Not even the Fed can break this range
- USD/JPY remains trapped in its range between 108.00 support and 108.70 resistance
- The level to beat for bulls is 108.20 according to the Technical Confluences Indicator.
USD/JPY daily chart
USD/JPY is in a bear trend below its main daily simple moving averages (DSMAs). The 50 DSMA crossed below the 100 DSMA which is seen as bearish. USD/JPY remains trapped in its consolidation despite the Fed dovish message.
USD/JPY is under bearish pressure below its main SMAs.
USD/JPY 30-minute chart
The market dipped briefly below 108.00 figure but the support held and USD/JPY remains in range. According to the Technical Confluences Indicator, there is moderate resistance at 108.20 (last week low and the lower Bollinger Band on the 1-hour chart) followed by 108.45 (simple moving averages cluster). Further lies 108.70 resistance (Fibonacci cluster). A break above this level can potentially lead to 108.84 (near the previous week high and the weekly pivot point resistance 1). Support is at 108.00 and 107.70.
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.