USD/JPY Price Analysis: Retraces below 136.00 as bulls take a breather

USD/JPY hovers at around 136.00, an essential level for bulls to extend their gains.
A bullish resumption would happen once the USD/JPY reclaims 137.00, with bulls eyeing 140.00.
Otherwise, USD/JPY bears would have the upper hand if the major falls beneath 136.00.

Christian Borjon Valencia FXStreet

After hitting a new YTD high at 136.91, the USD/JPY fell short of piercing the 137.00 figure and is staging a recovery as the New York session progresses. At the time of writing, the USD/JPY is trading at 135.85, below its opening price by 0.24%.

The USD/JPY bias is upward once the pair emerged above the 100-day Exponential Moving Average (EMA) last Friday. That exacerbated a rally above 136.00, an important price level for USD/JPY bulls as they prepare to launch an assault to 137.00. Though, the pair remains vulnerable at around 136.00, with sellers eyeing to drag prices below the latter, which would exacerbate a fall toward the 100-day EMA at 134.81.

For a bullish continuation, the USD/JPY needs to rise above 137.00, opening the door toward the 140.00 mark. But on its way north, the USD/JPY would face some hurdles. The first supply area would be the December 20 daily high at 137.47, followed by the December 16 high at 137.80, ahead of testing the November 30 daily high at 139.89.

USD/JPY Daily chart

USD/JPY Key technical levels

USD/JPY

Overview
Today last price	135.98
Today Daily Change	-0.28
Today Daily Change %	-0.21
Today daily open	136.26

Trends
Daily SMA20	132.8
Daily SMA50	131.77
Daily SMA100	137.07
Daily SMA200	137.13

Levels
Previous Daily High	136.56
Previous Daily Low	135.92
Previous Weekly High	136.52
Previous Weekly Low	133.92
Previous Monthly High	134.78
Previous Monthly Low	127.22
Daily Fibonacci 38.2%	136.16
Daily Fibonacci 61.8%	136.31
Daily Pivot Point S1	135.93
Daily Pivot Point S2	135.6
Daily Pivot Point S3	135.28
Daily Pivot Point R1	136.57
Daily Pivot Point R2	136.89
Daily Pivot Point R3	137.22

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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