USD/JPY Price Analysis: Eyes another battle with 130.30 hurdle

USD/JPY remains near the highest levels in 20 years following the recent bounce off intraday low.
Short-term resistance line, sluggish RSI conditions challenge recent rebound.
Weekly support line and 200-HMA challenge bears amid recently bullish MACD signals.

Anil Panchal FXStreet

USD/JPY picks up bids to pare the previous day’s losses around 130.00 on Monday. Even so, the yen pair remains below the 50-HMA, as well as a downward sloping trend line from Thursday.

Given the sluggish RSI conditions and recently bullish MACD signals posing a dilemma for traders, the latest rebound needs validation from the 130.25-30 resistance confluence, comprising the 50-HMA and the aforementioned descending trend line, to lure the USD/JPY bulls.

Following that, the latest multi-month high around 131.25 and the yearly high of 2002 surrounding 135.15 will be in focus.

Meanwhile, pullback moves remain elusive until staying beyond the one-week-old support line, at 129.50 by the press time. Also challenging the USD/JPY sellers is the 200-HMA level of 128.67.

It’s worth noting, however, that the USD/JPY pair’s weakness past 200-HMA will trigger the downside momentum towards the 2015 high close to 125.85.

Overall, USD/JPY prices are likely to remain firmer but the further upside hinges on the 130.30 breakout.

USD/JPY: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	129.86
Today Daily Change	0.08
Today Daily Change %	0.06%
Today daily open	129.78

Trends
Daily SMA20	126.6
Daily SMA50	121.5
Daily SMA100	118.15
Daily SMA200	114.98

Levels
Previous Daily High	130.96
Previous Daily Low	129.32
Previous Weekly High	131.26
Previous Weekly Low	126.95
Previous Monthly High	131.26
Previous Monthly Low	121.67
Daily Fibonacci 38.2%	129.94
Daily Fibonacci 61.8%	130.33
Daily Pivot Point S1	129.08
Daily Pivot Point S2	128.38
Daily Pivot Point S3	127.43
Daily Pivot Point R1	130.72
Daily Pivot Point R2	131.66
Daily Pivot Point R3	132.36

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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