The USDJPY has pulled back to 4 hour resistance at 113.472 which is the 61.8 fibonacci retracement of the most recent bearish move, also aligning with previous 4 hour lows. If this resistance level holds, we could see bearish continuation in today’s Asian session.
The USDJPY is approaching the Weekly Pivot point at 113.55 which creates a confluence of resistance zone for this pair when considering the 4 hour resistance mentioned above.
From a daily pivot point perspective the USDJPY is now above the Daily R1 pivot point and is approaching the Daily M4, which is a potential reversal zone.
The Monthly Pivot Point is at 115.041 and Monthly M2 is at 111.821, so these levels are out of range for the Asian Session today, but will come into play in coming days.
Looking at the moving averages in the daily view the USDJPY has pulled back to the Daily 8 Moving Average, seen in black below, which held as resistance yesterday. So, that may add to our resistance zones for today.
To update, the daily pivots just updated here in Los Angeles at 2 PM which generated a new daily M3 pivot at 113.387, just above price, which may contribute to resistance today. The daily R1 pivot point is now adjusted to 113.7753.
Best of luck. Many thanks to Wayne McDonell for his encouragement and wisdom.
US Dollar Analyst, FOREX.TODAY