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9 Aug 2019
USD/JPY technical analysis: Rebounds from daily lows, lots of resistance ahead
- USD/JPY is under bearish pressure at multi-month lows.
- Bulls are attempting a rebound, but there is a lot of resistance to be overcome.
USD/JPY daily chart
USD/JPY is off multi-month lows while trading well below its main daily simple moving averages (DSMAs). Trade war news and US yields mainly influence USD/JPY price action.
USD/JPY 4-hour chart
USD/JPY is rebounding from a critical support at the 105.30 level. A break below this level would likely open the doors to a significant move down towards 104.65, according to the Technical Confluences Indicator.
USD/JPY 30-minute chart
Bulls are attempting to create some traction but they have a lot of resistance to overcome if they want to get out of the woods. The 105.69 resistance followed by 105.91 and 106.13 need to be taken out. After which 106.30 and 106.57 resistances can come into play, according to the Technical Confluences Indicator.
Additional key levels