USD/JPY Price Analysis: Further upside hinges on 135.55 break

USD/JPY prints three-day uptrend, firmer around weekly top.
Sustained break of monthly resistance line, bullish MACD signal favor buyers.
Bears should wait for a confluence of ascending triangle for conviction.

Anil Panchal FXStreet

USD/JPY picks up bids to refresh intraday high around 135.20 during early Thursday morning in Europe.

In doing so, the yen pair rises for the third consecutive day while justifying the previous day’s upside break of the descending resistance line from mid-July, now support around 134.00.

Also keeping the buyers hopeful is the strongest bullish signal since late June.

However, the 50-DMA and a horizontal area comprising multiple levels marked since July 22, respectively around 135.40 and 135.50-55, appear tough nut to crack for the USD/JPY buyers.

Following that, a north-run towards June’s monthly high near 137.00 becomes imminent.

If at all the USD/JPY prices remain firmer past 137.00, the yearly top marked in July, around 139.40, will be in focus.

Alternatively, pullback moves remain unimpressive until staying beyond the resistance-turned-resistance line, at 134.00.

Even so, a convergence of the two-week-old ascending trend line and 50% Fibonacci retracement level of May-July upside, near 132.90-85, becomes crucial support to watch as a break of which will confirm the ascending triangle bearish chart pattern.

USD/JPY: Daily Chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	135.21
Today Daily Change	0.18
Today Daily Change %	0.13%
Today daily open	135.03

Trends
Daily SMA20	134.49
Daily SMA50	135.4
Daily SMA100	131.69
Daily SMA200	123.57

Levels
Previous Daily High	135.5
Previous Daily Low	133.91
Previous Weekly High	135.58
Previous Weekly Low	131.73
Previous Monthly High	139.39
Previous Monthly Low	132.5
Daily Fibonacci 38.2%	134.89
Daily Fibonacci 61.8%	134.52
Daily Pivot Point S1	134.12
Daily Pivot Point S2	133.22
Daily Pivot Point S3	132.53
Daily Pivot Point R1	135.72
Daily Pivot Point R2	136.4
Daily Pivot Point R3	137.31

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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