USD/JPY Price Analysis: 200-HMA probes recovery moves near 137.00

USD/JPY fades bounce off one-week-old ascending support line.
Looming bull cross on MACD teases buyers but 13-day-old downward-sloping trend line appears the key hurdle.
Weekly horizontal region acts as an extra filter towards the south.

Anil Panchal FXStreet

USD/JPY grinds near the intraday high surrounding 137.00, retreating of late, as buyers jostle with the 200-HMA during early Thursday.

In doing so, the Yen pair struggles to extend the early-day rebound from a weekly support line, around 136.30 by the press time.

However, the impending bull cross on the MACD indicator suggests the USD/JPY pair’s upside past the immediate hurdle comprising the 200-HMA near 137.00.

Even so, the pair buyers remain confused unless the quote trades below a descending resistance line from November 21, close to 137.55 at the latest.

The weekly high of 137.85 also acts as an additional upside filter, a break of which could quickly propel the USD/JPY prices towards the November-end swing high near 139.90.

On the flip side, USD/JPY sellers may remain confused unless providing a clear break of an immediate support line, close to 136.30, as well as a one-week-old horizontal support region near 135.95-85.

Following that, a south-run towards the monthly low near 133.60 can’t be ruled out.

Overall, USD/JPY is likely to witness a corrective bounce but the upside room appears to be limited.

USD/JPY: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	136.8
Today Daily Change	0.36
Today Daily Change %	0.26%
Today daily open	136.44

Trends
Daily SMA20	138.74
Daily SMA50	143.67
Daily SMA100	141.09
Daily SMA200	134.83

Levels
Previous Daily High	137.86
Previous Daily Low	136.22
Previous Weekly High	139.9
Previous Weekly Low	133.62
Previous Monthly High	148.82
Previous Monthly Low	137.5
Daily Fibonacci 38.2%	136.84
Daily Fibonacci 61.8%	137.23
Daily Pivot Point S1	135.82
Daily Pivot Point S2	135.2
Daily Pivot Point S3	134.18
Daily Pivot Point R1	137.46
Daily Pivot Point R2	138.48
Daily Pivot Point R3	139.1

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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