Apr 02 2021
USD / JPY Technical Analysis - Small Pivot at 108.851 Controls Price Action
The main trend is up according to the daily swing chart. Trading through 109.362 will signal the resumption of the uptrend. Trading down to 104,923 will reverse the main downtrend. This is highly unlikely, but due to the prolonged bullish movement in terms of price and timing, the USD / JPY started the session on Wednesday in the time window for a potentially bearish closing price reversal.
The minor trend is also up. Trading up to 108,340 will reverse the minor trend and swing the momentum down. Removing 109,286 will create 108,772 as a new minor base. The minor range is 108,340-109,362. The 50% level at 108,851 is potential support. The main 108,230 to 107,154 retracement areas control the long-term direction of the USD / JPY. The short-term range is 104,923-109,362. The 107,143-106,619 retracement area is also potential support.