USD/JPY Price Analysis: Violates five-year high at 116.30, bulls are hopeful to visit 118.00

A bullish open drive day has pushed USD/JPY above a five-year high.
The 50-period Exponential Moving Average will act as a bid area for the major.
The RSI (14) is on the verge of breaching 60.00, showing no signs of being overbought.

Sagar Dua FXStreet

The USD/JPY pair has witnessed a bullish open drive move on Friday in which the asset continues to move north since the first tick of the trading session. The major has continued a four-day winning streak on Friday, which has helped the pair to violate a five-year high at 116.34.

On a daily scale, USD/JPY has surpassed the February 10 high at 116.34, which coincides with January 5 high. The trendline placed from 5 January 2021 around 102.60 acted as major support for the spot.

The Relative Strength Index (RSI) (14) oscillated in a range of 40.00-60.00 and is on the verge of overstepping 60.00, which will trigger a bullish set-up and activate greenback bulls for more upside. The oscillator is not showing any sign of being overbought.

The 50-period Exponential Moving Average (EMA) at 115.10 will continue to act as a bid area for the major.

For more upside, bulls need to surpass Monday’s high at 116.54, which will send the pair to a round figure of 118.00. A breach of the latter will drive the major to an ultimate resistance near 15 December 2016 high at 118.67.

On the contrary, bears can take control if the major plunge below Thursday’s low at 115.80. This will drive the pair towards 50-period EMA at 115.10 and February 24 low at 114.40.

USD/JPY daily chart

USD/JPY

Overview
Today last price	116.5
Today Daily Change	0.38
Today Daily Change %	0.33
Today daily open	116.12

Trends
Daily SMA20	115.31
Daily SMA50	115.1
Daily SMA100	114.52
Daily SMA200	112.52

Levels
Previous Daily High	116.2
Previous Daily Low	115.8
Previous Weekly High	115.81
Previous Weekly Low	114.65
Previous Monthly High	116.34
Previous Monthly Low	114.16
Daily Fibonacci 38.2%	116.05
Daily Fibonacci 61.8%	115.95
Daily Pivot Point S1	115.88
Daily Pivot Point S2	115.64
Daily Pivot Point S3	115.49
Daily Pivot Point R1	116.27
Daily Pivot Point R2	116.43
Daily Pivot Point R3	116.67

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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