USD/JPY Price Analysis: Subdued around 133.50s after struggling at 134.00

USD/JPY is almost flat during the North American session.
Oscillators remain in bearish territory, but price action signals consolidation.
USD/JPY Price Analysis: Sellers reclaiming 132.21 would exacerbate a fall toward 127.20s.

Christian Borjon Valencia FXStreet

USD/JPY rises after dropping to a fresh four-week low at 131.71 but stages a comeback and has reclaimed the 133.00 figure. Nevertheless, a wall of resistance with all the daily Exponential Moving Averages (EMAs) above the exchange rate supports a bearish bias. Hence, the USD/JPY is trading at 133.56, above its opening price by a decent 0.14%.

USD/JPY Price action

The USD/JPY is neutral biased after the 20, 50, 100, and 200-day EMAs intersected at around the 134.05-92 area. However, oscillators like the Relative Strength Index (RSI) and the Rate of Change (RoC), suggest that sellers are in charge. But price action, as the leading indicator, needs sellers to reclaim the February 10 daily low at 129.79, which could open the door for further downside.

For a bearish continuation, the USD/JPY must fall below the March 15 low of 132.21. Once cleared, the 132.00 figure would be for grabs. Seller's next stop would be the February 2 daily low at 128.08, followed by the YTD low at 127.21.

In an alternate scenario, the USD/JPY first resistance would be the 200-day EMA at 134.05. A breach of the latter would expose the 50 and 20-day EMAs, each at 134.13 and 134.59, ahead of testing the 100-day EMA at 134.92. Once broken, the buyers would reclaim 135.00.

USD/JPY Daily chart

USD/JPY Technical levels

USD/JPY

Overview
Today last price	133.6
Today Daily Change	0.18
Today Daily Change %	0.13
Today daily open	133.42

Trends
Daily SMA20	135.33
Daily SMA50	132.54
Daily SMA100	135.56
Daily SMA200	137.49

Levels
Previous Daily High	135.12
Previous Daily Low	132.22
Previous Weekly High	137.91
Previous Weekly Low	134.12
Previous Monthly High	136.92
Previous Monthly Low	128.08
Daily Fibonacci 38.2%	133.32
Daily Fibonacci 61.8%	134.01
Daily Pivot Point S1	132.05
Daily Pivot Point S2	130.68
Daily Pivot Point S3	129.15
Daily Pivot Point R1	134.95
Daily Pivot Point R2	136.48
Daily Pivot Point R3	137.85

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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