USDJPY Technical Outlook: Key Levels to Watch
Since the start of the North American session, the USDJPY has narrowed its focus for traders. On the topside, the key directional triggers remain the 100-hour moving average at 158.887 and the 200-hour moving average at 159.04 — clearing either level would shift the near-term bias more decisively bullish or bearish, respectively.
On the downside, support has tightened to 158.558. This level carries added significance, aligning with today’s North American session low as well as swing levels from March 9, 12, 18, 19, 20, and again today. A break below this floor would likely open the door to further selling pressure.
Downside Support Targets
- Upward-sloping trendline at 158.25
- Yesterday’s swing low and top of the swing area near 157.98
- Base of the swing area near 157.65
- Last week’s price low at 157.51
- 38.2% retracement of the rally from the February low at 156.90
Upside Resistance Targets
- 200-hour moving average at 159.04
- Downward-sloping trendline near 159.45
- Last week’s highs at 159.74 and 159.895
- Psychological resistance at 160.00
In the video above, I walk through each of these levels in detail and explain the reasoning behind them.
This article was written by Greg Michalowski at investinglive.com.
