- USD/JPY buyers’ failure of a daily close above 115.60 exacerbated a move lower towards 115.40.
- USD/JPY Technical Outlook: Neutral bias to the upside but to the downside in the short term as geopolitical headlines dominate the market mood.
On Wednesday, the USD/JPY down as the American session progresses as market sentiment fluctuates between risk on and risk off. At the time of writing, the USD/JPY is trading at 115.48.
USD/JPY Price Forecast: Technical Outlook
During the overnight session, for North American traders, USD/JPY reached a daily high of 115.80. However, as risk aversion mounted, courtesy of US Secretary of State Blinken’s comments about continuing to see critical Russian units moving towards the border and not away, the mood of market players he leaned the other way.
In general, the USD/JPY is biased to the upside, as shown by the daily moving averages (DMA) located well below the price. However, Tuesday’s failure to achieve a daily close above the Jan 28 daily high at 115.68 exacerbated a move lower, as shown by Wednesday’s price action, which tipped the pair’s bias to the downside at the short term.
The first support for USD/JPY would be the daily low of February 14 at 115.00. A sustained break would expose the 50 DMA at 114.70, followed by the Feb 2 low at 114.14 and then the 100 DMA at 114.11.
To the upside, the first resistance for USD/JPY would be 116.00. Penetration of the latter would expose the yearly high at 116.35, followed by a challenge from a 24-month downtrend line around 117.00. A clear break of that high would pave the way for the January 2017 high at 118.61.
Additional technical levels
USD/JPY
| Panorama | |
|---|---|
| Last Price Today | 115.47 |
| Today’s Daily Change | -0.16 |
| Today’s Daily Change % | -0.14 |
| Today’s Daily Opening | 115.63 |
| Trends | |
|---|---|
| 20 Daily SMA | 114.92 |
| 50 Daily SMA | 114.69 |
| 100 Daily SMA | 114.09 |
| 200 Daily SMA | 112.02 |
| levels | |
|---|---|
| Previous Daily High | 115.88 |
| Previous Daily Minimum | 115.26 |
| Previous Maximum Weekly | 116.34 |
| Previous Weekly Minimum | 114.91 |
| Monthly Prior Maximum | 116.35 |
| Previous Monthly Minimum | 113.47 |
| Daily Fibonacci 38.2% | 115.64 |
| Daily Fibonacci 61.8% | 115.49 |
| Daily Pivot Point S1 | 115.3 |
| Daily Pivot Point S2 | 114.97 |
| Daily Pivot Point S3 | 114.68 |
| Daily Pivot Point R1 | 115.92 |
| Daily Pivot Point R2 | 116.2 |
| Daily Pivot Point R3 | 116.53 |
Source: Fx Street
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