USD/JPY Price Analysis: Teeters around 138.00, cushioned by solid support as bulls target 139.00

USD/JPY seesaws around the top/bottom of the 138.00 figure as the Ichimoku Cloud (Kumo) cushions the USD/JPY’s pair fall. That, alongside the 100-day Exponential Moving Average (EMA) at 138.31, maintains the USD/JPY afloat, which trades at around 138.83 after hitting a daily low of 137.67.

USD/JPY Price Analysis: Technical outlook

The USD/JPY daily chart portrays the pair making a base after reaching a month-and-a-half low of 137.23 on July 14. Since then, the USD/JPY has not fallen below 137.50, but price action shows neither buyers nor sellers are in control. Nevertheless, if USD/JPY buyers would like to push prices higher, they will need to reclaim the 50-day Exponential Moving Average (EMA) at 139.99 before challenging the confluence of the 20 and 200-day EMAs at the 140.89/95 range.

For a bearish continuation, USD/JPY sellers would need to crack 138.00, followed by the current month’s low of 137.24, before slumping to the 137.00 psychological figure. Once cleared, the USD/JPY next support emerges at the 200-day EMA 136.47.

USD/JPY Price Action – Daily chart