USD/JPY Price Analysis: Monday’s Doji, overbought RSI probes bulls below 132.20 hurdle

USD/JPY regains upside momentum after crossing the multi-month high the previous day.
Overbought RSI, bearish candlestick formation challenges further upside.
Weekly support line restricts immediate downside ahead of the 10-DMA.

Anil Panchal FXStreet

USD/JPY grinds higher around intraday top near 134.70 heading into Tuesday’s European session.

In doing so, the yen pair ignores the previous day’s Doji candlestick, as well as overbought RSI (14) line. However, the quote’s failure to refresh the multi-day top, after rising to the highest since 1998 the previous day, keeps sellers hopeful.

That said, a one-week-old ascending support line, near 133.80 restricts immediate USD/JPY downside ahead of the 10-DMA support of 132.75.

It’s worth noting that the USD/JPY pair’s weakness past 132.75 highlights the key horizontal support around 131.30, comprising tops marked during late April and early May, a break of which could recall the bears.

Meanwhile, multiple tops marked during early 2002 challenge the USD/JPY pair’s immediate upside moves near 135.15-20, not to forget Monday’s Doji and overbought RSI line.

Should the yen portrays a daily closing beyond 135.20, the odds of witnessing a run-up towards the late 1998 peak surrounding 137.25 can’t be ruled out.

To sum up, USD/JPY bulls seem running out of steam but the sellers need validation before retaking the control.

USD/JPY: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	134.69
Today Daily Change	0.27
Today Daily Change %	0.20%
Today daily open	134.42

Trends
Daily SMA20	129.93
Daily SMA50	128.71
Daily SMA100	122.89
Daily SMA200	118.08

Levels
Previous Daily High	135.2
Previous Daily Low	133.59
Previous Weekly High	134.56
Previous Weekly Low	130.43
Previous Monthly High	131.35
Previous Monthly Low	126.36
Daily Fibonacci 38.2%	134.59
Daily Fibonacci 61.8%	134.21
Daily Pivot Point S1	133.61
Daily Pivot Point S2	132.8
Daily Pivot Point S3	132
Daily Pivot Point R1	135.22
Daily Pivot Point R2	136.01
Daily Pivot Point R3	136.83

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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