USD/JPY Technical Analysis: Bulls continue to show resilience near symmetrical triangle support
• The pair has been oscillating between two converging trend-line over the past two months or so, forming a symmetrical triangle on the daily chart.
• The contracting wedge is usually referred to as a continuation of the previous trend - bullish in this case, but sometimes marks important trend reversals.
• Looking at the broader picture, the upward sloping 100-day SMA has been acting as a key base and put on test on several occasions since late-April.
• Hence, only a decisive break-through the triangle support, leading to a subsequent fall below 100-day SMA, will confirm that the pair has actually topped out in the near-term.
USD/JPY daily chart
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USD/JPY
Overview:
Today Last Price: 113.07
Today Daily change: 23 pips
Today Daily change %: 0.204%
Today Daily Open: 112.84
Trends:
Previous Daily SMA20: 113.37
Previous Daily SMA50: 113.08
Previous Daily SMA100: 112.25
Previous Daily SMA200: 110.49
Levels:
Previous Daily High: 113.67
Previous Daily Low: 112.56
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%: 112.99
Previous Daily Fibonacci 61.8%: 113.25
Previous Daily Pivot Point S1: 112.38
Previous Daily Pivot Point S2: 111.92
Previous Daily Pivot Point S3: 111.28
Previous Daily Pivot Point R1: 113.48
Previous Daily Pivot Point R2: 114.13
Previous Daily Pivot Point R3: 114.58