Blog post

​Technical Analysis: USDJPY struggles between 200-bar SMA and 23.6% Fibonacci

Amid mixed sentiment and neutral RSI conditions, USDJPY fails to extend its break of 200-bar SMA beyond 23.6% Fibonacci retracement of the previous month's run-up. Even so, the pair's sustained trading above near-term key support lines keeps buyers hopeful for an upside to 110.00 and March month high surrounding 111.70. However, bulls need validation from a successful rise past-23.6% Fibonacci retracement level of 109.20.

On the downside, two trend lines stretched from mid-March, around 108.25 and 107.65, add to the support than 200-bar SMA level of 108.00. If at all the bears sneak in below 107.65, 106.90 and 61.8% Fibonacci retracement level of 105.15 could flash on their target list.

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