USD/JPY Price Analysis: Struggles at weekly highs, retraces back to 134.10s

USD/JPY hit a weekly high of 134.46 but retraced toward the 134.10 area.
USD/JPY Price Analysis: Negative divergence between oscillators and price action could pave the way for downside action.

Christian Borjon Valencia FXStreet

The USD/JPY consolidated around the 134.00 area after hitting a daily high of 134.46, though bears stepped in around the highs of the week, dragging prices lower. Hence, the USD/JPY changed its course gears and records minimal losses of 0.08%. The USD/JPY pair is trading around 134.10s on Thursday.

On February 15, the USD/JPY reached a daily high at 134.35, and since then, the USD/JPY has remained sideways within the 133.60/134.30 area. Even though the Relative Strength Index (RSI) is in bullish territory, as USD/JPY price action has headed north, the RSI did not. Hence, a negative divergence could emerge, suggesting that a price reversal looms.

If that scenario plays out, the USD/JPY first support would be this week’s low at 133.60. Break below, and the 20-day Exponential Moving Average (EMA) would be exposed at 133.28, followed by the February 13 daily high-turned support at 132.90.

On an alternate scenario, the USD/JPY’s first resistance would be the day’s high at 134.46, which, once cleared, could lift the USD/JPY to January 6 high at 134.77 before the major climbs to 135.00.

USD/JPY Daily chart

USD/JPY Key technical levels

USD/JPY

Overview
Today last price	134.18
Today Daily Change	0.07
Today Daily Change %	0.05
Today daily open	134.11

Trends
Daily SMA20	130.78
Daily SMA50	132.05
Daily SMA100	137.86
Daily SMA200	136.87

Levels
Previous Daily High	134.36
Previous Daily Low	132.55
Previous Weekly High	132.91
Previous Weekly Low	129.81
Previous Monthly High	134.78
Previous Monthly Low	127.22
Daily Fibonacci 38.2%	133.67
Daily Fibonacci 61.8%	133.24
Daily Pivot Point S1	132.99
Daily Pivot Point S2	131.86
Daily Pivot Point S3	131.17
Daily Pivot Point R1	134.8
Daily Pivot Point R2	135.48
Daily Pivot Point R3	136.61

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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