USD/JPY Price Analysis: Inverse H&S confirmation teases buyers around 129.00

USD/JPY picks up bids to extend the week-start rebound from the lowest levels since May 2022.
Upbeat RSI backs confirmation of bullish chart pattern to tease buyers.
200-HMA acts as final defense of buyers, 50-HMA guards immediate downside.

Anil Panchal FXStreet

USD/JPY refreshes intraday high around 129.15 as it pierces the neckline of a two-day-old inverse head-and-shoulders (H&S) bullish chart pattern during early Tuesday, retreating to 129.00 by the press time.

Not only the inverse H&S confirmation but the upbeat RSI (14), not overbought, also adds strength to the USD/JPY rebound from the lowest levels since late May 2022.

As a result, the Yen pair buyers are well-set to approach the 130.00 round figure before aiming for the theoretical target surrounding 130.40.

It’s worth observing that the RSI line is approaching the overbought territory and may probe the USD/JPY bulls around 130.40, if not then the 200-HMA level surrounding 131.25 will be in focus. Additionally, the 131.00 round figure could act as an extra filter towards the north.

On the flip side, the resistance-turned-support line of the stated inverse H&S, around 128.75 by the press time, restricts the immediate downside of the USD/JPY pair ahead of the 50-HMA level near 128.30.

In a case where the Yen pair remains bearish past 128.30, the monthly low around 127.20 and May 2022 low near 126.35 will gain the market’s attention.

Overall, USD/JPY is likely to witness further recovery but the upside room appears limited.

USD/JPY: Hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	128.96
Today Daily Change	0.42
Today Daily Change %	0.33%
Today daily open	128.54

Trends
Daily SMA20	131.83
Daily SMA50	135.94
Daily SMA100	140.53
Daily SMA200	136.65

Levels
Previous Daily High	128.87
Previous Daily Low	127.22
Previous Weekly High	132.87
Previous Weekly Low	127.46
Previous Monthly High	138.18
Previous Monthly Low	130.57
Daily Fibonacci 38.2%	128.24
Daily Fibonacci 61.8%	127.85
Daily Pivot Point S1	127.55
Daily Pivot Point S2	126.56
Daily Pivot Point S3	125.91
Daily Pivot Point R1	129.2
Daily Pivot Point R2	129.86
Daily Pivot Point R3	130.85

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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