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USDJPY Price Analysis: Consolidates around 140.00 as buyers eye the 100 DMA near 141.00

  • USDJPY fell below the 100 day EMA and bottomed around 137.65.
  • USDJPY has been building a bottom around the 137.60-140.80 zone for the last five days in a row.
  • The Relative Strength Index coming out of oversold conditions suggests a probable upward correction.

The USDJPY consolidated below the 100-day EMA, after falling from October highs of 151.94. Even so, since then, the US dollar (USD) has depreciated nearly 8% against the Japanese yen (JPY) in nearly a month. At the time of writing, the USDJPY is trading at 140.15, up 0.49% from the opening price, after hitting a daily low of 138.87.

USDJPY Price Analysis: Technical Perspective

For the week, the USDJPY remains trapped in a tight range of 137.50-140.80 so far, after dipping towards a fresh three-month low around 137.65, hit on November 15, formed a hammer. Since then, the USDJPY posted two successful days with no lows below 138.70 and rallied towards the 100-day EMA at 140.89. However, unless USD buyers pick up on the latter, the main bias would remain neutral to the downside.

That being said, the first support for USDJPY would be the 16th November daily low at 138.72. A break of the latter would expose key support levels such as the weekly low at 137.65. Once broken, the next support would be a three-month uptrend line through 137.48, immediately followed by the 200 day EMA.

On the other hand, the first resistance for the USDJPY would be the 100-day EMA at 140.89. A break above will expose the November 11 daily high at 142.48, followed by the 50 day EMA at 145.13.

Key USDJPY Technical Levels

USD/JPY

Overview
Last price today 140.18
Today I change daily 0.78
Today’s daily change in % 0.56
today’s daily opening 139.4
Trends
daily SMA20 145.57
daily SMA50 145.21
daily SMA100 140.87
daily SMA200 133.1
levels
previous daily high 140.29
previous daily low 138.73
Previous Weekly High 147.57
previous weekly low 138.47
Previous Monthly High 151.94
Previous monthly minimum 143.53
Daily Fibonacci of 38.2% 139.7
Daily Fibonacci of 61.8% 139.33
Daily Pivot Point S1 138.66
Daily Pivot Point S2 137.92
Daily Pivot Point S3 137.1
Daily Pivot Point R1 140.22
Daily Pivot Point R2 141.03
Daily Pivot Point R3 141.78

Source: Fx Street

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