USD/JPY Price Analysis: Approaches Japan's trigger for intervention inside monthly rising wedge

USD/JPY grinds higher around the levels that pushed BOJ towards market intervention.
Bearish chart pattern, nearly overbought RSI could test further moves.
10-DMA adds strength to the 144.80 support confluence, May 1990’s low lures bulls.

Anil Panchal FXStreet

USD/JPY remains sidelined as traders turn cautious around the 145.90 level that previously push the Bank of Japan (BOJ) towards market intervention. That said, the yen pair retreats to 145.65 by the press time of Tuesday’s Asian session.

In addition to the market’s anxiety, nearly overbought RSI conditions and the bearish MACD signals could also be linked to the quote’s latest pullback.

As a result, a one-month-old rising wedge bearish chart pattern gains the market’s attention.

However, the 10-DMA strengthens the 144.80 support and challenges the bears. On the same side is an upward-sloping support line from early August, around 140.00.

Hence, the USD/JPY buyers remain hopeful unless the quote stays past the 140.00 threshold, even if a short-term pullback can be witnessed on the break of 144.80.

On the contrary, the latest high surrounding 145.90 and the upper line of the stated wedge, close to 146.90 at the latest, could challenge the USD/JPY bulls before directing them to the May 1990’s low near 148.90.

USD/JPY: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	145.72
Today Daily Change	0.02
Today Daily Change %	0.01%
Today daily open	145.7

Trends
Daily SMA20	144.15
Daily SMA50	140.04
Daily SMA100	137.19
Daily SMA200	128.87

Levels
Previous Daily High	145.8
Previous Daily Low	145.24
Previous Weekly High	145.44
Previous Weekly Low	143.53
Previous Monthly High	145.9
Previous Monthly Low	138.78
Daily Fibonacci 38.2%	145.59
Daily Fibonacci 61.8%	145.45
Daily Pivot Point S1	145.36
Daily Pivot Point S2	145.01
Daily Pivot Point S3	144.79
Daily Pivot Point R1	145.92
Daily Pivot Point R2	146.15
Daily Pivot Point R3	146.49

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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