18 Mar 2019

USD/JPY Technical Analysis: Trying to form a base near 200-hour SMA, set-up favors bullish traders

• The pair extended its consolidative price action on the first day of a new trading week, albeit now seems to have formed a firm base near 200-hour SMA.

• Bullish technical indicators on the daily chart support prospects for additional gains, albeit mixed oscillators on hourly charts warrant some caution.

• Hence, it would be prudent to wait for a sustained break through Friday's swing high, coinciding with 50-hour SMA, before positioning for any meaningful up-move.

USD/JPY 1-hourly chart

USD/JPY

Overview:
    Today Last Price: 111.52
    Today Daily change: 4 pips
    Today Daily change %: 0.04%
    Today Daily Open: 111.48
Trends:
    Daily SMA20: 111.22
    Daily SMA50: 110.16
    Daily SMA100: 111.3
    Daily SMA200: 111.44
Levels:
    Previous Daily High: 111.9
    Previous Daily Low: 111.38
    Previous Weekly High: 111.9
    Previous Weekly Low: 110.88
    Previous Monthly High: 111.5
    Previous Monthly Low: 108.73
    Daily Fibonacci 38.2%: 111.58
    Daily Fibonacci 61.8%: 111.7
    Daily Pivot Point S1: 111.27
    Daily Pivot Point S2: 111.06
    Daily Pivot Point S3: 110.75
    Daily Pivot Point R1: 111.79
    Daily Pivot Point R2: 112.11
    Daily Pivot Point R3: 112.32

USD/JPY Technical Analysis: Trying to form a base near 200-hour SMA, set-up favors bullish traders

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