USDJPY is recording new highs slightly below the 115.00 psychological level, extending the bullish structure that started from the 112.70 support level.
In trend indicators, the 20- and 40-day simple moving averages (SMAs) are turning higher, following the market price. The MACD oscillator is surpassing its trigger line in the positive region and the RSI is approaching the overbought territory with strong momentum.
More bullish movements could send the market until the 115.50 barrier, registered in March 2017, before taking the price until the next resistance of 118.60, taken from the peak on January 2017.
On the flip side, a bearish move could meet immediate support at the 20-day SMA at 113.86 ahead of the 40-day SMA at 113.20. Beneath these lines, the bears may have a look at the 112.07-112.70 zone.
To sum up, USDJPY has been in a bullish tendency since April 23 with stronger momentum in the last few sessions. However, any declines below the 200-day SMA and the uptrend line, it could shift the outlook to neutral.
