• USD/JPY grinds higher though struggles around resistance at 134.00.
  • US Treasury bond yields retrace from daily highs, putting a lid on the USD/JPY upward move.
  • The USD/JPY is upward biased in the near term, but a break above the 200-hour EMA is needed to pave the way towards 136.50s.

The USD/JPY advances sharply during the North American session, underpinned by high US Treasury yields, up 0.66% on an upbeat sentiment trading day, courtesy of US House Speaker Pelosi leaving Taiwan, while US equities remain in the positive, bolstered by companies earnings. At the time of writing, the USD/JPY is trading at 133.95.

USD/JPY Price Analysis: Technical outlook

The USD/JPY is neutral-to-upward biased, but it’s facing solid resistance at134.57, the 50-day EMA. Even though buyers regained control, the Relative Strength Index (RSI) is still in negative territory, which means that sellers lost steam and could re-enter with confidence. Still, they will need a daily close below 134.00 to remain hopeful of lower prices.

USD/JPY 1-hour chart

In the hourly chart, the USD/JPY is neutral-to-upward biased. The hourly EMAs are located below the exchange rate, except for the 200-hour EMA at 134.58, which would be difficult resistance to hurdle. Nevertheless, price action in the last couple of days, breaking the August 1 daily high at 133.56, exacerbated the rally towards weekly highs at 134.54. That said, the USD/JPY in the near term is headed up.

Therefore, the USD/JPY’s first resistance would be the 200-hour EMA around 134.58. Break above will expose the R2 daily pivot at 135.00, followed by the July 27 daily high at 136.57. On the flip side, the USD/JPY first support would be the 20-hour EMA at 133.53. A breach of the latter will expose the 100-hour EMA at 132.78, followed by the 50-hour EMA at 132.40.

USD/JPY Price Analysis


Today last price 133.95
Today Daily Change 0.86
Today Daily Change % 0.65
Today daily open 133.18
Daily SMA20 136.38
Daily SMA50 134.47
Daily SMA100 130.26
Daily SMA200 122.45
Previous Daily High 133.19
Previous Daily Low 130.4
Previous Weekly High 137.46
Previous Weekly Low 132.5
Previous Monthly High 139.39
Previous Monthly Low 132.5
Daily Fibonacci 38.2% 132.12
Daily Fibonacci 61.8% 131.46
Daily Pivot Point S1 131.32
Daily Pivot Point S2 129.46
Daily Pivot Point S3 128.53
Daily Pivot Point R1 134.11
Daily Pivot Point R2 135.05
Daily Pivot Point R3 136.91



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