USD/JPY Price Analysis: Establishment above 200-EMA at around 134.50 supports bulls


  • A consolidation above the 200-EMA adds to the upside filters.
  • The RSI (14) is oscillating in a 40.00-60.00 range and awaits a potential trigger.
  • For more upside, the greenback bulls need to break above the 134.34-135.58 range decisively.

The USD/JPY pair has witnessed mild selling pressure after printing an intraday high of 135.24 in the Asian session. The asset is walking northwards briskly to recapture its two-week high at 135.58. However, a slower upside move signals exhaustion and could trigger downside momentum at any time.

Movement in a marked territory for the past three trading sessions is indicating the unavailability of a potential trigger for a decisive move. The asset is oscillating in a 134.34-135.58 range and is likely to remain lackluster till the announcement of the US Consumer Price Index (CPI) data.

The asset is comfortably established above the 200-period Exponential Moving Average (EMA) at 135.58, which adds to the upside filters. Also, the 50-EMA at 134.90 is advancing higher, which warrants a bullish short-term scenario.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range and advocates a wait and watch approach.

A decisive break above Monday’s high at 135.58 will drive the asset towards July 26 high at 136.27, followed by the round-level resistance at 137.00.

On the contrary, the yen bulls could regain control if the asset drops below Friday’s low at 132.52. An occurrence of the same will drag the asset towards the August 1 low at 131.60 and the August 2 low at 130.39.

USD/JPY hourly chart

USD/JPY

Overview
Today last price 135.01
Today Daily Change -0.01
Today Daily Change % -0.01
Today daily open 135.02
 
Trends
Daily SMA20 135.86
Daily SMA50 135.15
Daily SMA100 131.01
Daily SMA200 122.97
 
Levels
Previous Daily High 135.2
Previous Daily Low 134.67
Previous Weekly High 135.5
Previous Weekly Low 130.4
Previous Monthly High 139.39
Previous Monthly Low 132.5
Daily Fibonacci 38.2% 135
Daily Fibonacci 61.8% 134.87
Daily Pivot Point S1 134.72
Daily Pivot Point S2 134.43
Daily Pivot Point S3 134.19
Daily Pivot Point R1 135.26
Daily Pivot Point R2 135.5
Daily Pivot Point R3 135.79

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

GBP/USD licks its wounds at record low amid pessimism over UK, risk-aversion

GBP/USD licks its wounds at record low amid pessimism over UK, risk-aversion

GBP/USD consolidates intraday losses around the recently flashed record low near 1.0340, as bears fear the BOE intervention. Hawkish Fedspeak, pessimism surrounding the UK economy and broad risk-aversion add strength to the bearish bias.

GBP/USD News

AUD/USD renews two-year low as bears poke four-month-old support around 0.6500

AUD/USD renews two-year low as bears poke four-month-old support around 0.6500

AUD/USD reverses the early Asian session corrective bounce on Monday as it drops back towards 0.6500. The Aussie pair pokes the support line of a 4.5-month-old descending trend channel. May 2020 low can lure sellers on defying the bearish channel formation.

AUD/USD News

EUR/USD: Bears retain control at two-decade low

EUR/USD: Bears retain control at two-decade low

EUR/USD dropped to the lowest levels since June 2002 before recently bouncing back to 0.9660 during Monday’s Asian session. The bearish chart formation and sustained trading below the previous key support line from July, now resistance around 0.9830, keeps the pair sellers hopeful.

EUR/USD News

Gold reverses intraday losses from $1630, US Durable Goods Orders buzz

Gold reverses intraday losses from $1630, US Durable Goods Orders buzz

Gold price has recovered the major portion of losses recorded in the Tokyo session. The precious metal declined sharply to near $1630.00 but recovered firmly and is indicating a formation of buying tail, which indicates a strong resoponsive buying structure.

Gold News

LUNA Classic price hints at a 25% crash as Do Kwon under Red Notice from Interpol

LUNA Classic price hints at a 25% crash as Do Kwon under Red Notice from Interpol

LUNA Classic price reveals a bearish outlook that could unfold over the course of this week. A minor run-up seems plausible, but it is just a move to squeeze the bulls. Therefore, market participants should be ready for a quick reversal. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures