USD/JPY Price Analysis: Bulls take a breather on their way to 134.50

USD/JPY remains sidelined after rising to the highest levels in one month.
Upbeat oscillators, clear break of the key DMAs keep Yen pair buyers hopeful.
Descending resistance line from late October 2022 challenges USD/JPY bulls ahead of 200-DMA.
Bears need validation from 133.25 to aim for three-month-long rising support line.

Anil Panchal FXStreet

USD/JPY picks up bids to reverse the early Asian session pullback from a one-month high as it prints mild gains around 133.80 amid the initial hours of Wednesday’s European trading session.

In doing so, the Yen pair rises for the fifth consecutive day even as bulls pause around the multi-day top.

The quote’s latest run-up could be linked to the bullish MACD signals and the upbeat RSI (14) not overbought. More importantly, a clear upside break of the 100-DMA and 50-DMA convergence, near 133.35-25, keeps the USD/JPY buyers hopeful.

However, a downward-sloping resistance line from October 2022, around 134.50 by the press time, appears a tough nut to crack for the Yen pair buyers.

Following that, the 200-DMA hurdle of around 137.20 acts as the last defense of the USD/JPY bears.

On the flip side, a daily closing below the previously stated DMA confluence, near 133.35-25, could quickly drag the USD/JPY prices towards a three-month-long ascending support line, close to 131.10 at the latest.

Above all, a horizontal area comprising multiple lows marked since early January, near 129.50, becomes a crucial support for the USD/JPY bears to watch as a break of which can challenge the Year-To-Date (YTD) low of 127.21 marked in January.

USD/JPY: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	133.74
Today Daily Change	0.07
Today Daily Change %	0.05%
Today daily open	133.67

Trends
Daily SMA20	132.17
Daily SMA50	133.26
Daily SMA100	133.32
Daily SMA200	137.2

Levels
Previous Daily High	133.81
Previous Daily Low	132.97
Previous Weekly High	133.76
Previous Weekly Low	130.63
Previous Monthly High	137.91
Previous Monthly Low	129.64
Daily Fibonacci 38.2%	133.49
Daily Fibonacci 61.8%	133.29
Daily Pivot Point S1	133.16
Daily Pivot Point S2	132.65
Daily Pivot Point S3	132.33
Daily Pivot Point R1	133.99
Daily Pivot Point R2	134.32
Daily Pivot Point R3	134.82

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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