USD/JPY Price Analysis: Bulls ignore overbought RSI to aim for fresh 24-year high near 144.60

USD/JPY remains firmer around multi-day top, cheers upside break of bullish channel.
Overbought RSI tests bulls on their way to an ascending resistance line from late April.
Bears need to conquer 139.40 to retake control.

Anil Panchal FXStreet

USD/JPY dribbles around 143.50 after rising to the highest level since 1998 during Wednesday’s Asian session. In doing so, the yen pair cheers an upside break of the monthly bullish channel while ignoring the overbought RSI conditions.

That said, the higher-high and higher-low formation keeps USD/JPY buyers hopeful of refreshing the yearly top.

In doing so, an upward sloping resistance line from late April, near 144.60, gains major attention.

Should the USD/JPY bulls keep rushing towards the north of 144.60, tops marked during June and August of the year 1998, respectively near 146.80 and 147.70, will be in focus.

Meanwhile, pullback moves need validation from the resistance-turned-support line of the stated channel, around 142.60 by the press time.

Following that, the southward trajectory could aim for the 140.00 threshold. However, the USD/JPY bears will need a clear downside break of the 139.40 support confluence, including the stated channel’s lower line and July’s top, to retake control.

Overall, USD/JPY is ready to refresh the multi-year top but the upside room is limited.

USD/JPY: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	143.39
Today Daily Change	0.59
Today Daily Change %	0.41%
Today daily open	142.8

Trends
Daily SMA20	137.03
Daily SMA50	136.38
Daily SMA100	133.61
Daily SMA200	125.26

Levels
Previous Daily High	143.07
Previous Daily Low	140.25
Previous Weekly High	140.8
Previous Weekly Low	137.57
Previous Monthly High	139.08
Previous Monthly Low	130.4
Daily Fibonacci 38.2%	141.99
Daily Fibonacci 61.8%	141.33
Daily Pivot Point S1	141.01
Daily Pivot Point S2	139.22
Daily Pivot Point S3	138.19
Daily Pivot Point R1	143.83
Daily Pivot Point R2	144.86
Daily Pivot Point R3	146.65

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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