USD/JPY Analysis: Recovery remains capped near 108.00 handle, 50% Fibo. level


USD/JPY Analysis: Recovery remains capped near 108.00 handle, 50% Fibo. level

   •  The pair recovered some of its early lost ground to over nine-month lows, albeit struggled to make it back above the 108.00 round figure mark.

   •  The mentioned handle coincides with 50% Fibo. level of the 111.41-104.69 post-Christmas downfall and might continue to cap the attempted recovery.

   •  A convincing breakthrough the mentioned glass ceiling will increase prospects for a strong recovery towards the 108.80-85 region (61.8% Fibo. level).

   •  Technical indicators on hourly charts have just started moving away from highly oversold zone but remain well within the bearish territory, warranting some caution.

USD/JPY 1-hourly chart

USD/JPY

Overview:
    Today Last Price: 107.79
    Today Daily change: -1.3e+2 pips
    Today Daily change %: -1.18%
    Today Daily Open: 109.08
Trends:
    Previous Daily SMA20: 111.71
    Previous Daily SMA50: 112.6
    Previous Daily SMA100: 112.33
    Previous Daily SMA200: 111.08
Levels:
    Previous Daily High: 109.76
    Previous Daily Low: 108.71
    Previous Weekly High: 111.41
    Previous Weekly Low: 110
    Previous Monthly High: 113.83
    Previous Monthly Low: 109.55
    Previous Daily Fibonacci 38.2%: 109.11
    Previous Daily Fibonacci 61.8%: 109.36
    Previous Daily Pivot Point S1: 108.61
    Previous Daily Pivot Point S2: 108.13
    Previous Daily Pivot Point S3: 107.55
    Previous Daily Pivot Point R1: 109.66
    Previous Daily Pivot Point R2: 110.24
    Previous Daily Pivot Point R3: 110.72

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