#USDJPY @ 136.259 -imp levels: takes the bids to renew monthly high, up for the fourth consecutive day.

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• USD/JPY takes the bids to renew monthly high, up for the fourth consecutive day.
• Clear upside break of 50-DMA, one-month-old horizontal hurdle keeps buyers hopeful.
• RSI conditions signal limited upside room, highlighting seven-week-old horizontal resistance area.

The pair currently trades last at 136.259.

The previous day high was 135.9 while the previous day low was 134.65. The daily 38.2% Fib levels comes at 135.42, expected to provide support. Similarly, the daily 61.8% fib level is at 135.13, expected to provide support.

USD/JPY prints a four-day uptrend as it refreshes the monthly peak around 136.40 during early Friday morning in Europe. In doing so, the yen pair justifies the previous day’s upside clearance of the one-month-old horizontal area, as well as the 50-DMA.

In addition to the breakout of previously key hurdles, bullish MACD signals also keep USD/JPY buyers from refreshing the monthly peak. However, the RSI approaches overbought territory and suggests limited room to the north.

As a result, a broad horizontal area comprising multiple levels marked since June 29, between 137.00 and 137.45, becomes should gain the market’s attention.

However, a clear upside break of the 137.45 mark won’t hesitate to refresh the yearly top marked in July around 139.40.

On the contrary, the resistance-turned-support area near 135.60 precedes the 50-DMA support of 135.45 to restrict the short-term USD/JPY downside.

Following that, an upward sloping support line from August 11, close to 134.15, will be in focus.

Should the USD/JPY bears manage to conquer the 134.15 support, the 134.00 round figure may act as a validation point for the south-run targeting the August 11 low near 131.75.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 136.32 at the time of writing. Pair opened at 135.89 and is trading with a change of 0.32% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 134.41, 50 SMA 135.43, 100 SMA @ 131.83 and 200 SMA @ 123.68.

The previous day high was 135.9 while the previous day low was 134.65. The daily 38.2% Fib levels comes at 135.42, expected to provide support. Similarly, the daily 61.8% fib level is at 135.13, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 135.06, 134.23, 133.8
• Pivot resistance is noted at 136.31, 136.73, 137.57

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