- USD/JPY retook the psychological 142.00 level as buyers piled in around the 140.00 figure.
- If USD/JPY breaks above 143.00, a rally towards the 50-day EMA is in expectation.
- USD/JPY Price Analysis: Bullish, although buyers lack momentum, as the RSI shows.
The USD/JPY It is bouncing below the 100-day EMA and pushing hard above the psychological level of 142.00 for the first time, after dipping to a three-month low of 137.65 in the past week. Factors such as sentiment, the dynamism of the dollar and the recovery of the 100 day EMA have supported USD/JPY. Therefore, USD/JPY is trading at 142.03, 1.21% above its opening price, after hitting a daily low of 140.15.
USD/JPY Price Analysis: Technical Perspective
The USD/JPY daily chart shows the pair with a neutral to bullish bias, once buyers recapture the 100 day EMA. Notably, on its way north, the Relative Strength Index (RSI) is heading higher, accelerating towards the 50 midline, which, once crossed, suggests buyers are in command. Key USD/JPY resistance levels on the daily chart are the November 11 high at 142.48, followed by the psychological figure of 143.00, before the 50-day EMA at 145.07.
On the other hand, the first support for USD/JPY would be the 142.00 signal. A break of the latter will expose the 100 day EMA at 141.01, followed by the September 22 swing low at 140.34, ahead of the MTD low at 137.65.
Key USD/JPY Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
