USD/JPY Price Analysis: Seesaws near the YTD high, around 136.20s

The USD/JPY printed a new YTD high and would test 137.00, achieving a daily close above 136.00.
The 20-DMA crossing above the 50-DMA exacerbated the USD/JPY Friday’s rally above 136.00.

Christian Borjon Valencia FXStreet

The USD/JPY drops from around YTD highs around 136.55 and hits a daily low of 135.91 before reclaiming the 136.00 figure on Monday. At the time of writing, the USD/JPY falls 0.29%, trading at around 136.20s, underpinned by US bond yields, namely the 10-year benchmark note rate, down three basis points (bps) at 3.918%.

After breaking the year’s previous high at 134.77, the USD/JPY printed another leg-up to the new YTD high at 136.55 before aiming toward the current spot price. From a technical perspective, the USD/JPY is still upward biased, backed by the Relative Strength Index (RSI) in bullish territory and the Rate of Change (RoC), suggesting that in the last three days, buyers have emerged.

Also, the 100-day Exponential Moving Average (EMA) was the last solid resistance level at 134.79, which, once conquered, exacerbated a 160 pip rally to the new YTD high. Traders should be aware that the 20-day EMA at 133.46 crossed above the 50-day EMA at 133.36. Hence, the USD/JPY could accelerate as the 20-day EMA closes the 200-day EMA At 133.86.

As the USD/JPY path of least resistance is upwards, the pair’s next ceiling level would be the 137.00 figure. Break above will expose the December 20 daily high of 137.47 before putting into play the December 15 high at 138.02. As an alternate scenario, the USD/JPY first support would be the 136.00 figure, ahead of today’s low at 135.91.

USD/JPY Daily chart

USD/JPY Key technical levels

USD/JPY

Overview
Today last price	136.19
Today Daily Change	-0.23
Today Daily Change %	-0.17
Today daily open	136.42

Trends
Daily SMA20	132.51
Daily SMA50	131.79
Daily SMA100	137.16
Daily SMA200	137.09

Levels
Previous Daily High	136.52
Previous Daily Low	134.06
Previous Weekly High	136.52
Previous Weekly Low	133.92
Previous Monthly High	134.78
Previous Monthly Low	127.22
Daily Fibonacci 38.2%	135.58
Daily Fibonacci 61.8%	135
Daily Pivot Point S1	134.81
Daily Pivot Point S2	133.2
Daily Pivot Point S3	132.35
Daily Pivot Point R1	137.27
Daily Pivot Point R2	138.13
Daily Pivot Point R3	139.73

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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