USD/JPY Price Analysis: Bullish Flag assures continuation of a dream run, 147.00 eyed

USD/JPY has kissed 145.00 for the first time in 24 years after a dovish stance by the BOJ.
A formation of a bullish is hinting at the continuation of upside momentum.
Advancing 20-and 50-EMAs add to the upside filters.

Sagar Dua FXStreet

The USD/JPY pair has turned sideways after delivering volatile moves post the announcement of the interest rate decision by the Bank of Japan (BOJ). The asset gyrated in a tad wider range of 143.51-145.36 and is now oscillating in a narrow range of 144.54-144.95. On a broader note, the asset is oscillating in a 141.50-145.40 range for the past two weeks. It is worth noting that the major has smashed 145.00 for the first time in the past 24 years.

The formation of a Bullish Flag denotes a consolidation phase after a vertical upside move. The north-side sheer move is been recorded from August 2 low at 130.40. The consolidation phase of a Bullish Flag indicates an initiative buying structure in which the buyers initiate longs after an upside break of the chart pattern.

The 20-and 50-period Exponential Moving Averages (EMAs) at 142.00 and 139.00 respectively are aiming north, which signals a continuation of an upside bias.

Also, the Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00 for a prolonged period, which indicates that the upside momentum is intact.

A decisive break above the fresh 24-year high at 145.40 will drive the asset towards June 1998 high at 146.79, followed by August 1998 high at 147.67.

On the flip side, the greenback bulls could lose their grip if the asset drops below September 9 low at 141.50 for a downside towards September 6 low at 140.25. Slippage of the latter will drag the asset towards July 14 high at 139.39.

USD/JPY daily chart

USD/JPY

Overview
Today last price	144.82
Today Daily Change	0.77
Today Daily Change %	0.53
Today daily open	144.05

Trends
Daily SMA20	141.63
Daily SMA50	137.98
Daily SMA100	135.2
Daily SMA200	126.92

Levels
Previous Daily High	144.7
Previous Daily Low	143.34
Previous Weekly High	144.96
Previous Weekly Low	141.66
Previous Monthly High	139.08
Previous Monthly Low	130.4
Daily Fibonacci 38.2%	144.18
Daily Fibonacci 61.8%	143.86
Daily Pivot Point S1	143.36
Daily Pivot Point S2	142.67
Daily Pivot Point S3	142
Daily Pivot Point R1	144.72
Daily Pivot Point R2	145.39
Daily Pivot Point R3	146.08

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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