USD/JPY Price Analysis: Looks set to refresh 24-year high above 136.00

USD/JPY rebounds from intraday low as weekly support line defends buyers.
Upbeat RSI, sustained trading beyond 200-HMA joins upside break of short-term horizontal hurdle to favor bulls.
Rising wedge teases sellers at multi-year high, bulls aim for 136.70 hurdle.

Anil Panchal FXStreet

USD/JPY fails to confirm the weekly rising wedge bearish chart pattern as it bounces back from the pattern’s support line to regain upside momentum around the highest levels since 1998. That said, the yen pair picks up bids to 136.25 heading into Wednesday’s European session.

Other than the pair’s rebound from the short-term support line, a successful break of the one-week-old horizontal hurdle, now support around 135.40 joins the firmer RSI (14) line to keep buyers hopeful.

However, multiple pullbacks from 136.70 test the USD/JPY pair’s upside momentum.

Following that, the upper line of the stated wedge, near 136.90, will precede the 137.00 round figure and the 140.00 psychological magnet to lure the pair buyers.

On the contrary, a clear downside break of 136.20 support could direct the USD/JPY pair towards the resistance-turned-support line near 135.40.

However, the 200-HMA level of 134.60 may challenge the quote’s weakness past 135.40, failures to do so highlight the theoretical target of the rising wedge, around 131.00.

USD/JPY: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	136.32
Today Daily Change	-0.20
Today Daily Change %	-0.15%
Today daily open	136.52

Trends
Daily SMA20	131.94
Daily SMA50	129.95
Daily SMA100	124.08
Daily SMA200	118.83

Levels
Previous Daily High	136.71
Previous Daily Low	134.92
Previous Weekly High	135.6
Previous Weekly Low	131.5
Previous Monthly High	131.35
Previous Monthly Low	126.36
Daily Fibonacci 38.2%	136.03
Daily Fibonacci 61.8%	135.61
Daily Pivot Point S1	135.39
Daily Pivot Point S2	134.26
Daily Pivot Point S3	133.61
Daily Pivot Point R1	137.18
Daily Pivot Point R2	137.84
Daily Pivot Point R3	138.97

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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