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.

Sagar Dua FXStreet

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

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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