USD/JPY Price Analysis: Rounding top on 4-hour chart keeps bears hopeful below 107.00
- 18th June 2020
- Posted by: Hakeem
- Category: FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, TECHNICAL ANALYSIS
- USD/JPY extends losses below 61.8% Fibonacci retracement of May-June upside.
- The monthly low can offer an intermediate halt during the fall towards 106.00.
- 200-bar SMA adds to the resistances for the pair.
USD/JPY drops to 106.80, down 0.18% on a day, while heading into the European open on Thursday. The pair extends its pullback from the key Fibonacci retracement levels to portray a rounding top bearish formation on the four-hour chart.
As a result, the quote is likely to remain weak and decline further towards revisiting the monthly low near 106.57 during the extra fall. However, May month’s bottom surrounding 106.00 could quickly lure bears afterward.
If at all the USD/JPY prices rally beyond 107.55, 108.00 and May 19 top close to 108.10 could return to the charts.
USD/JPY four-hour chart
ADDITIONAL IMPORTANT LEVELS
|Today last price||106.86|
|Today Daily Change||-0.14|
|Today Daily Change %||-0.13%|
|Today daily open||107|
|Previous Daily High||107.44|
|Previous Daily Low||106.95|
|Previous Weekly High||109.69|
|Previous Weekly Low||106.57|
|Previous Monthly High||108.09|
|Previous Monthly Low||105.99|
|Daily Fibonacci 38.2%||107.14|
|Daily Fibonacci 61.8%||107.26|
|Daily Pivot Point S1||106.82|
|Daily Pivot Point S2||106.64|
|Daily Pivot Point S3||106.33|
|Daily Pivot Point R1||107.31|
|Daily Pivot Point R2||107.62|
|Daily Pivot Point R3||107.8|