USD/JPY Technical Analysis: Headed back towards 1-week old trading range resistance, around 109.00 handle

• After an initial dip to an intraday low level of 108.37, the pair managed to catch some fresh bids and now seems to have formed a near-term base around 200-hour SMA.

USD/JPY 1-hourly chart

• The momentum lifted the pair to fresh one week high, with bulls eyeing a follow-through move beyond the 109.00 handle amid a modest pickup in the USD demand.

• Technical indicators on hourly charts have been gaining traction and support prospects for further up-move, though bearish oscillators on the daily chart might cap gains.

• Hence, it would be prudent to wait for a sustained strength above the mentioned handle before confirming a near-term bullish breakthrough a one-week-old trading range.

4-hourly chart

USD/JPY

Overview:
    Today Last Price: 108.78
    Today Daily change: 11 pips
    Today Daily change %: 0.101%
    Today Daily Open: 108.67
Trends:
    Previous Daily SMA20: 109.6
    Previous Daily SMA50: 111.8
    Previous Daily SMA100: 112.12
    Previous Daily SMA200: 111.16
Levels:
    Previous Daily High: 108.78
    Previous Daily Low: 108.13
    Previous Weekly High: 109.09
    Previous Weekly Low: 107.77
    Previous Monthly High: 113.83
    Previous Monthly Low: 109.55
    Previous Daily Fibonacci 38.2%: 108.53
    Previous Daily Fibonacci 61.8%: 108.38
    Previous Daily Pivot Point S1: 108.27
    Previous Daily Pivot Point S2: 107.88
    Previous Daily Pivot Point S3: 107.63
    Previous Daily Pivot Point R1: 108.92
    Previous Daily Pivot Point R2: 109.17
    Previous Daily Pivot Point R3: 109.57

USD/JPY Technical Analysis: Headed back towards 1-week old trading range resistance, around 109.00 handle

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