USD/JPY Technical Analysis: Move beyond 111.00 mark to open room for a test of 200/100-DMA


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   •  The pair showed some resilience below 200-hour SMA and regained positive traction on Friday, with bulls eyeing a move towards conquering the 111.00 mark amid US-China trade optimism.

   •  Bullish oscillators on hourly/daily charts support prospects for an extension of the ongoing up-move, though traders are likely to wait for a sustained break through the mentioned handle.

   •  A follow-through buying is likely to trigger a short-covering move and has the potential to accelerate the appreciating move towards a confluence resistance around the 111.30-40 region. 

   •  The said barrier comprises of 200-DMA, 100-DMA and the top end of a short-term ascending trend-channel held since the beginning of this year, and might cap any further gains.

USD/JPY daily chart

USD/JPY

Overview:
    Today Last Price: 110.88
    Today Daily change %: 0.16%
    Today Daily Open: 110.7
Trends:
    Daily SMA20: 110.03
    Daily SMA50: 109.96
    Daily SMA100: 111.48
    Daily SMA200: 111.31
Levels:
    Previous Daily High: 110.91
    Previous Daily Low: 110.57
    Previous Weekly High: 111.13
    Previous Weekly Low: 109.7
    Previous Monthly High: 110
    Previous Monthly Low: 104.75
    Daily Fibonacci 38.2%: 110.7
    Daily Fibonacci 61.8%: 110.78
    Daily Pivot Point S1: 110.54
    Daily Pivot Point S2: 110.38
    Daily Pivot Point S3: 110.2
    Daily Pivot Point R1: 110.89
    Daily Pivot Point R2: 111.07
    Daily Pivot Point R3: 111.23