USD/JPY technical analysis: Greenback trading near three-day highs above the 108.00 handle

Weak demand for the safe-haven Japanese yen keeps USD/JPY trading near two-months highs.  |  15/10/2019 14:56
  • Weak demand for the safe-haven Japanese yen keeps USD/JPY trading near two-months highs. 
  • The level to beat for bulls is the 108.56 resistance. 
 

USD/JPY daily chart

 
 
The USD/JPY exchange rate is trading in a bear trend below the 200-day simple moving average (DSMA). However, the spot has been bouncing sharply from the October lows and is now trading close to two-months highs. The better market mood is decreasing the demand for the safe-haven Yen. 
 
 
 

USD/JPY four-hour chart

 
 
USD/JPY is trading above the main SMAs on the four-hour chart, suggesting bullish momentum in the medium term. The market is approaching the 108.56 resistance. A daily close above the resistance could open the doors to the 109.12 price level, according to the Technical Confluences Indicator. 

USD/JPY 30-minute chart

 
 
The USD/JPY currency pair is trading above its main SMAs, suggesting bullish momentum in the near term. Immediate supports are seen at the 108.16 and 107.70 levels, according to the Technical Confluences Indicator. 
 

Additional key levels

 

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