#USDJPY @ 143.590 renews intraday high inside a weekly bullish triangle., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/JPY renews intraday high inside a weekly bullish triangle.
• 10-SMA, 144.10-20 restricts immediate upside ahead of double tops near 145.00.
• 50-SMA, weekly low act as additional downside filters.

The pair currently trades last at 143.590.

The previous day high was 144.96 while the previous day low was 142.55. The daily 38.2% Fib levels comes at 143.47, expected to provide support. Similarly, the daily 61.8% fib level is at 144.04, expected to provide resistance.

USD/JPY takes the bids to refresh daily tops near 143.55 heading into Thursday’s European session. In doing so, the yen pair reverses the previous day’s pullback inside a one-week-old triangle formation.

Given the impending bull cross of the MACD and the quote’s sustained trading beyond the 50-SMA, the USD/JPY prices are likely to remain firmer.

However, the 10-SMA and a weekly horizontal resistance area, respectively near 143.60 and 144.10-20, could challenge the yen pair’s intraday upside.

Following that, the double tops around the 145.00 threshold will gain the market’s attention before the 61.8% Fibonacci Expansion (FE) of August 30 to September 09 moves, near 145.80.

In a case where the USD/JPY prices remain firmer past 145.80, the 146.00 round figure may test the bulls before directing them to the theoretical target of the double top breakout, close to 148.50.

Meanwhile, 50-SMA and the stated triangle’s support line, near 142.90 and 142.00 in that order, restrict the short-term downside of the pair.

Even if the USD/JPY prices decline below 142.00, the weekly low near 141.65 could act as the additional downside filter.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 143.56 at the time of writing. Pair opened at 142.99 and is trading with a change of 0.40% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 139.97, 50 SMA 137.3, 100 SMA @ 134.53 and 200 SMA @ 126.17.

The previous day high was 144.96 while the previous day low was 142.55. The daily 38.2% Fib levels comes at 143.47, expected to provide support. Similarly, the daily 61.8% fib level is at 144.04, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 142.04, 141.09, 139.63
• Pivot resistance is noted at 144.45, 145.91, 146.86

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