Fri, Jun 09, 2023 @ 01:03 GMT
HomeContributorsTechnical AnalysisUSDJPY on a Mission to Claim 145.00; Bias Cautiously Bullish

USDJPY on a Mission to Claim 145.00; Bias Cautiously Bullish

USDJPY is back on the mission to fight against the 145.00 crucial ceiling after fully recouping the Bank of Japan-led decline to 140.34 last week.

Even though the stochastics are positively charged, the RSI and the MACD are mirroring some skepticism among investors as the former seems to be struggling to post a higher high within the bullish area, while the latter remains stable below its red signal line.

Nevertheless, if the pair manages to secure a foothold around the 144.00 level, the pair may pierce through the 145.00 wall to meet the 1998 top of 147.71. The 149.00 -150.00 region could next come on the radar if the ascent grows further.

Should the bears drive the price below 144.00, the 20-day simple moving average (SMA) at 143.00 could cancel any extensions towards the 141.55 support zone, where the ascending trendline from 130.38 is positioned. Falling lower, the price may retest last week’s low of 140.34 ahead of the key 139.37 region, a break of which would signal the end of the bullish trend.

In brief, USDJPY is looking cautiously bullish in the short-term picture. The next episode of volatility is expected to start either above 145.00 or below 144.00.
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