USD/JPY Technical Analysis: Intraday oversold conditions warrant some consolidation/pull-back
• The pair remained heavily offered through the mid-European session and weakened farther below the 113.00 handle to hit over one-week lows.
• A sustained breakthrough 200-hour SMA, and the 113.00 handle, was seen as a key trigger for bearish traders and behind the latest leg of steep fall.
• Technical indicators on the daily chart have started gaining negative momentum but have already drifted into oversold territory on the hourly charts.
• The set-up points to a possible near-term consolidation/a minor bounce and also warrant some caution before initiating any fresh bearish positions.
USD/JPY 1-hourly chart
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USD/JPY
Overview:
Today Last Price: 112.74
Today Daily change: -92 pips
Today Daily change %: -0.809%
Today Daily Open: 113.66
Trends:
Previous Daily SMA20: 113.4
Previous Daily SMA50: 113.08
Previous Daily SMA100: 112.25
Previous Daily SMA200: 110.46
Levels:
Previous Daily High: 113.83
Previous Daily Low: 113.37
Previous Weekly High: 114.04
Previous Weekly Low: 112.88
Previous Monthly High: 114.25
Previous Monthly Low: 112.3
Previous Daily Fibonacci 38.2%: 113.55
Previous Daily Fibonacci 61.8%: 113.65
Previous Daily Pivot Point S1: 113.41
Previous Daily Pivot Point S2: 113.17
Previous Daily Pivot Point S3: 112.96
Previous Daily Pivot Point R1: 113.87
Previous Daily Pivot Point R2: 114.07
Previous Daily Pivot Point R3: 114.32