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

USD/JPY stabilized, aided by Ichimoku Cloud and 100-day EMA.
Buyers target 50-day EMA at 139.99; sellers eye a break below 138.00.
Significant support and resistance lie at 200-day EMA levels.

Christian Borjon Valencia FXStreet

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

USD/JPY

Overview
Today last price	138.82
Today Daily Change	0.10
Today Daily Change %	0.07
Today daily open	138.72

Trends
Daily SMA20	142.35
Daily SMA50	140.22
Daily SMA100	137.04
Daily SMA200	137.05

Levels
Previous Daily High	139.41
Previous Daily Low	138
Previous Weekly High	143
Previous Weekly Low	137.24
Previous Monthly High	145.07
Previous Monthly Low	138.43
Daily Fibonacci 38.2%	138.54
Daily Fibonacci 61.8%	138.87
Daily Pivot Point S1	138
Daily Pivot Point S2	137.29
Daily Pivot Point S3	136.59
Daily Pivot Point R1	139.42
Daily Pivot Point R2	140.12
Daily Pivot Point R3	140.83

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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