USD/JPY Price Analysis: To test the 20-day EMA after reaching a fresh session high around 130.50

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  • USD/JPY is picking up some ground as traders prepare for a busy US economic calendar.
  • Buyers are watching for a test of the 20-day EMA as the RSI and RoC suggest that USD/JPY could provide short-term momentum.
  • SUD/JPY Price Analysis: Still biased to the downside, but could point to the upside.

USD/JPY erases last Friday’s losses and hits a fresh session high at 130.49, albeit slightly below the 20-day EMA, used as a short-term trend barometer, which is holding for above the exchange rate. Therefore, USD/JPY remains bearish despite trading at 130.49, up 0.56% on the day.

USD/JPY Price Analysis: Technical Perspective

From a price action standpoint, USD/JPY remains bearish, despite trading at fresh daily highs. However, USD/JPY buyers need to break above the 20-day EMA at 130.57 to open the door for further gains. The Rate of Change (RoC) shows the buyer gaining momentum while the Relative Strength Index (RSI) is about to turn bullish, suggesting that bullish pressure is building.

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Therefore, the first resistance for USD/JPY would be the 131.00 figure. A break of the latter would expose a month-old downtrend line around 131.330-40, followed by the Jan 18 daily high at 131.57, and then the Jan 11 swing high.

As an alternative scenario, if USD/JPY falls below 130.00, the next support would be the January 30 daily low at 129.19. A break of this latter level would expose the psychological level of 128.00, followed by the prior year low of 127.21.

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USD/JPY Key Technical Levels

USD/JPY

Overview
Last price today 130.47
Today Change Daily 0.59
today’s daily variation 0.45
today’s daily opening 129.88
Trends
daily SMA20 130.38
daily SMA50 133.83
daily SMA100 139.46
daily SMA200 136.76
levels
previous daily high 130.28
previous daily low 129.5
Previous Weekly High 131.12
previous weekly low 129.02
Previous Monthly High 138.18
Previous monthly minimum 130.57
Fibonacci daily 38.2 129.8
Fibonacci 61.8% daily 129.98
Daily Pivot Point S1 129.49
Daily Pivot Point S2 129.11
Daily Pivot Point S3 128.71
Daily Pivot Point R1 130.27
Daily Pivot Point R2 130.67
Daily Pivot Point R3 131.05

Source: Fx Street

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