USD/JPY Price Analysis: Sellers are struggling to crack the 133.00 figure
|- USD/JPY is trapped between the 50 and the 100-day EMAs, waiting for a catalyst.
- In the near term, the USD/JPY is neutral to downwards and might aim lower if the 132.87 is broken; otherwise, expect a test of the 200-hour EMA at 133.88.
The USD/JPY is slightly in the red territory in the early New York session, though it remains above its daily low reached at 132.55, as bulls managed to defend last Friday’s daily low at 132.87, lifting the major above the 133.00 threshold. At the time of writing, the USD/JPY is trading at 133.15.
USD/JPY Price Analysis: Technical outlook
The USD/JPY is trading inside the boundaries of the 50-day EMA and the 100-day EMA on top/bottom, each at 135.31 and 131.41, respectively. Albeit the Relative Strength Index (RSI) illustrates sellers in charge, buyers are gathering momentum, lifting the RSI from its August lows near oversold conditions, about to reclaim the 50-midline.
Reviewing the pair from the 1-hour scale, indecision is the game’s name. The USD/JPY has been seesawing in the 132.85-133.90 range, though in the last couple of days, successive series of lower highs/lows might open the door to further downside. If USD/JPY sellers break below 132.87, the next support will be the August 11 low at 131.73. Once cleared, the next barrier would be 131.00.
On the flip side, the USD/JPY’s first resistance will be the 20-hour EMA at 133.25. A breach of the latter will expose further resistance levels like the 50-hour EMA at 133.54, followed by the confluence of the August 12 high and the 200-hour EMA at 133.88.
USD/JPY Key Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.