#USDJPY @ 140226 The extended its gains during the week, up by almost 2%, Pivot Orderbook analysis

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• The USD/JPY extended its gains during the week, up by almost 2%.
• The major’s first resistance would be 141.00, which, once cleared, would pave the way towards 147.67.

The pair currently trades last at 140.226.

The previous day high was 139.01 while the previous day low was 138.27. The daily 38.2% Fib levels comes at 138.73, expected to provide support. Similarly, the daily 61.8% fib level is at 138.55, expected to provide support.

The USD/JPY rose to fresh 24-year highs on Thursday, spurred by a risk-off impulse and higher US Treasury bond yields, produced by higher expectations that the US Federal Reserve would further tighten monetary conditions. Therefore, the USD/JPY climbs 0.90% and exchanges hands at 140.20.

The USD/JPY daily chart illustrates the strong uptrend, which began in March of 2022. On its first leg up, the major rallied towards the 130.00 area before registering a pullback towards 128.00, ahead of the most significant move towards the 139.39 previous YTD highs, reached July 14. Worth noting that a negative divergence between the Relative Strength Index (RSI) registering a successive series of lower highs, contrarily to price action, triggered the pullback towards the August 2 swing low at 130.39.

At the time of writing, the USD/JPY broke above the 140.00 mark, finishing Thursday’s session at around 140.19. The Relative Strength Index (RSI) is at the door of reaching overbought conditions, though it should be noted that the major retreated when the RSI reached 71.20.

The USD/JPY next resistance would be the psychological 141.00 figure. Once cleared, the USD/JPY next stop would be the August 1998 highs at 147.67.

Technical Levels: Supports and Resistances

USDJPY currently trading at 140.2 at the time of writing. Pair opened at 138.96 and is trading with a change of 0.89 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 135.75, 50 SMA 135.94, 100 SMA @ 133.05 and 200 SMA @ 124.72.

The previous day high was 139.01 while the previous day low was 138.27. The daily 38.2% Fib levels comes at 138.73, expected to provide support. Similarly, the daily 61.8% fib level is at 138.55, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 138.49, 138.01, 137.75
• Pivot resistance is noted at 139.22, 139.48, 139.96

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