USD/JPY Price Analysis: Stays on the way to refresh multi-year high, 146.90 in focus
- USD/JPY remains mildly bid around fortnight high, up for the fourth consecutive day.
- RSI conditions challenge bulls but sustained break of 12-day-old resistance signals further upside.
- Two-month-old ascending trend line restricts short-term downside, 100-SMA appears immediate support.
USD/JPY holds onto the bullish bias for the fourth consecutive day even as it grinds near 145.50 during early Monday in Europe. In doing so, the yen pair remains mildly bid near the two-week high, marked during the Asian session.
The yen pair’s bullish bias takes clues from the clear upside break of a descending trend line from September 22, now support around 144.90.
Also challenging the USD/JPY bears is the pair’s sustained trading beyond the 100-SMA, close to 144.15 by the press time, as well as an upward-sloping support line from early August, near 143.75 as we write.
It should be noted, however, that the nearly overbought RSI conditions challenge the USD/JPY buyers as they approach the 24-year high marked during the last week, around 145.90.
Following that, an ascending resistance line from September 07, near 146.90, will be in focus.
Overall, USD/JPY remains on the bull’s radar but there prevail a little upside room.
USD/JPY: Four-hour chart
Trend: Further upside expected
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.
