USD/JPY Price Analysis: Slips from bull’s radar, symmetrical triangle in focus

USD/JPY remains depressed inside a fortnight-old triangle after reversing from one-week high.
Convergence of 100-EMA, descending trend line from mid-December guards immediate upside.
Sluggish RSI, multiple hurdles to the north challenge buyers.
200-EMA acts as the last defense for bears.

Anil Panchal FXStreet

USD/JPY stays pressured around the 130.00 round figure, following a pullback from the one-week high, as the Yen pair traders remain cautious ahead of the Federal Reserve (Fed) monetary policy outcome on Wednesday.

Technically, the two-week-long symmetrical triangle restricts the immediate USD/JPY moves.

That said, the pair’s latest weakness could be linked to the failure to cross the downward-sloping resistance line from December 15 and the 100-bar Exponential Moving Average (EMA), around 130.30 by the press time. Also challenging the USD/JPY buyers could be the sluggish RSI (14) line.

It’s worth noting, however, that the pair sellers need to conquer the stated triangle’s support line, around 129.50 at the latest, to retake control. Following that, a slump toward the previous monthly low of 127.21 can’t be ruled out.

Alternatively, the 130.30 resistance confluence restricts immediate USD/JPY upside ahead of the aforementioned triangle’s top line, close to 130.55 as we write.

Should the Yen pair remains firmer past 130.55, the 200-EMA level surrounding 131.75 will act as the last defense of the bears, a break of which may open doors for the quote’s run-up towards the previous monthly high near 134.80.

USD/JPY: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	130.07
Today Daily Change	-0.07
Today Daily Change %	-0.05%
Today daily open	130.14

Trends
Daily SMA20	130.33
Daily SMA50	133.38
Daily SMA100	139.19
Daily SMA200	136.79

Levels
Previous Daily High	130.53
Previous Daily Low	129.74
Previous Weekly High	131.12
Previous Weekly Low	129.02
Previous Monthly High	134.78
Previous Monthly Low	127.22
Daily Fibonacci 38.2%	130.04
Daily Fibonacci 61.8%	130.23
Daily Pivot Point S1	129.74
Daily Pivot Point S2	129.35
Daily Pivot Point S3	128.95
Daily Pivot Point R1	130.53
Daily Pivot Point R2	130.93
Daily Pivot Point R3	131.32

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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