#USDJPY @ 144.535 Price Analysis: No man’s land hints at further consolidation (Pivot Orderbook analysis)

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The pair currently trades last at 144.535.

The previous day high was 144.79 while the previous day low was 143.25. The daily 38.2% Fib levels comes at 144.2, expected to provide support. Similarly, the daily 61.8% fib level is at 143.84, expected to provide support.

The USD/JPY pair has slipped to near 144.27 in the Tokyo session after failing to sustain above the critical resistance of 144.50. The asset is continuously facing barricades above 144.50 despite multiple attempts. On a broader note, the asset is advancing sharply higher after hitting a low of 140.35.

Considering the four-hour scale, the major is auctioning in an inventory adjustment process. It is critical to state that the adjustment process is an accumulation or distribution. Odds favor an inventory distribution as the asset is displaying signs of momentum loss.

The asset price is overlapping with the 20-and 50-period Exponential Moving Averages (EMAs), which indicates a consolidation ahead.

Scrutiny of the condition of the Relative Strength Index (RSI) (14) displays that the oscillator is struggling to shift into the bullish range of 60.00-80.00. This has come after the momentum oscillators displayed a range shift sign vertically to a bearish range of 20.00-40.00 from the bullish range.

For a decisive bearish reversal, the asset is required to drop below Thursday’s low at 140.35. An occurrence of the same will drag the asset towards the August 30 low at 138.05 followed by the August 23 low at 135.81.

Alternatively, the greenback bulls could drive the asset higher after overstepping Thursday’s high at 145.90, which will drive the asset towards the August 1998 high at 147.67. A breach of the latter will send the major towards the psychological resistance of 150.00.

USD/JPY four-hour chart

Technical Levels: Supports and Resistances

USDJPY currently trading at 144.48 at the time of writing. Pair opened at 144.76 and is trading with a change of -0.19 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 142.51, 50 SMA 138.27, 100 SMA @ 135.6 and 200 SMA @ 127.36.

The previous day high was 144.79 while the previous day low was 143.25. The daily 38.2% Fib levels comes at 144.2, expected to provide support. Similarly, the daily 61.8% fib level is at 143.84, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 143.74, 142.73, 142.21
• Pivot resistance is noted at 145.28, 145.8, 146.82

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