USD/JPY Price Analysis: Overbought RSI caps Yen pair’s upside below 140.00

USD/JPY buyers struggle to extend latest run-up at the highest levels in six months.
Key Fibonacci retracement level, late November 2022 peak prod Yen pair buyers.
Multi-day-old previous resistance line, 200-DMA challenges USD/JPY bears amid bullish MACD signals.

Anil Panchal FXStreet

USD/JPY edges higher as it renews the yearly top around 139.65-70 during early Thursday. In doing so, the Yen pair prods the 50% Fibonacci retracement level of its October 2022 to January 2023 downside amid overbought conditions of the RSI (14) line.

Apart from the 50% Fibonacci retracement level surrounding 139.60, the late November 2022 peak of around 139.90, quickly followed by the 140.00 round figure, also challenge the USD/JPY bulls.

In a case where the USD/JPY pair remains firmer past 140.00, the quote’s run-up towards the late November swing high of around 142.25 can’t be ruled out.

Though, the 61.8% Fibonacci retracement level near 142.50, also known as the golden Fibonacci ratio, could challenge the Yen pair buyers afterward.

Meanwhile, USD/JPY pair’s retreat remains elusive unless it breaks the previous resistance line stretched from December 2022, close to 137.80 at the latest.

Following that, the 200-DMA of around 137.20 can challenge the Yen pair sellers before giving them control.

Even so, a two-month-old ascending support line at 134.90 can prod the USD/JPY bears afterward.

Overall, USD/JPY remains on the bull’s radar even if the price is likely to witness a pullback.

USD/JPY: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	139.62
Today Daily Change	0.16
Today Daily Change %	0.11%
Today daily open	139.46

Trends
Daily SMA20	136.32
Daily SMA50	134.18
Daily SMA100	133.36
Daily SMA200	137.19

Levels
Previous Daily High	139.48
Previous Daily Low	138.23
Previous Weekly High	138.75
Previous Weekly Low	135.65
Previous Monthly High	136.56
Previous Monthly Low	130.63
Daily Fibonacci 38.2%	139
Daily Fibonacci 61.8%	138.71
Daily Pivot Point S1	138.64
Daily Pivot Point S2	137.81
Daily Pivot Point S3	137.39
Daily Pivot Point R1	139.88
Daily Pivot Point R2	140.3
Daily Pivot Point R3	141.13

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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