USD/JPY Price Analysis: 50-SMA probes bulls near 134.00

USD/JPY grinds higher around weekly top during five-day winning streak.
50-SMA, fortnight-old descending trend line probe immediate upside.
Bullish MACD signals, one-week-old ascending trend line keeps buyers hopeful.

Anil Panchal FXStreet

USD/JPY seesaws around 134.00 as bulls keep the reins during a five-day uptrend near the weekly top. In doing so, the Yen pair pokes the 50-SMA level amid Wednesday’s sluggish trading.

Given the Yen pair’s steady recovery from the four-month low marked in the last week, portrayed by short-term support, as well as the bullish MACD signals, the USD/JPY could cross the immediate hurdle, namely the 50-SMA level of 134.00.

Even so, a downward-sloping resistance line from December 15, near 134.45 by the press time, will precede the previous support line from the month-start low, close to 135.50, to challenge the short-term USD/JPY upside.

It’s worth noting that the 200-SMA and the monthly peak, respectively near 137.15 and 138.20, could act as the last defense of the USD/JPY bears, a successful break of which will give control to the buyers.

Alternatively, a one-week-old ascending support line, around 133.20 by the press time, restricts nearby downside of the Yen pair.

Following that, the monthly low and the August 2022 bottom, near 130.55 and 130.40 in that order, could challenge the pair sellers before directing USD/JPY to the 130.00 psychological magnet.

USD/JPY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	133.9
Today Daily Change	0.36
Today Daily Change %	0.27%
Today daily open	133.54

Trends
Daily SMA20	135.36
Daily SMA50	140.54
Daily SMA100	141.11
Daily SMA200	136.06

Levels
Previous Daily High	133.6
Previous Daily Low	132.64
Previous Weekly High	137.48
Previous Weekly Low	130.57
Previous Monthly High	148.82
Previous Monthly Low	137.5
Daily Fibonacci 38.2%	133.23
Daily Fibonacci 61.8%	133
Daily Pivot Point S1	132.92
Daily Pivot Point S2	132.3
Daily Pivot Point S3	131.96
Daily Pivot Point R1	133.88
Daily Pivot Point R2	134.22
Daily Pivot Point R3	134.84

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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