- Analytics
- News and Tools
- Market News
- USD/JPY Price Analysis: Further upside hinges on daily close beyond 137.80
USD/JPY Price Analysis: Further upside hinges on daily close beyond 137.80
- USD/JPY grinds higher at two-month high, prints four-day winning streak.
- Descending resistance line from mid-December 2022, overbought RSI (14) prods Yen pair buyers.
- Sellers need validation from 200-DMA, previous resistance line from late March.
USD/JPY bulls appear running out of steam at the highest levels in two months during early Tuesday, making rounds to 137.70-60 heading into the European session.
In doing so, the Yen pair portrays failure to cross a downward-sloping resistance line from December 2022, close to 137.80 by the press time, amid overbought RSI (14) conditions.
Even if the pair manage to cross the 137.80 hurdle, successful trading beyond the 138.00 round figure becomes necessary to restore the market’s confidence in the bulls.
Following that, the late 2022 swing high near 138.20 and the 140.00 round figure may act as the last defenses of the USD/JPY pair bears before giving control to the buyers.
On the contrary, pullback moves need to conquer the 200-DMA support of 136.95 on a daily closing basis to convince USD/JPY sellers. Even so, the previous resistance line from late March, around 135.75 by the press time, joins the bullish MACD signals to challenge the Yen pair bears.
In a case where the USD/JPY pair closes below the 135.75 resistance-turned-support, the odds of witnessing further downside can’t be ruled out.
To sum up, USD/JPY remains on the bull’s radar even if the upside momentum appears elusive of late.
USD/JPY: Daily chart
Trend: Pullback expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
