#USDJPY @ 144.789 The oscillates around Tuesday’s open, above the 144.70 mark. (Pivot Orderbook analysis)

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• The USD/JPY oscillates around Tuesday’s open, above the 144.70 mark.
• The major remains upward biased but approaching the 20-day EMA, which, once cleared, could pave the way for further downside.
• Short term, the USD/JPY is downward biased, as a double-top emerged in the 1-hour chart.

The pair currently trades last at 144.789.

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 fluctuates around the week’s high 144.78, amidst a risk-on impulse, as portrayed by US equities sustaining decent gains following the sell-off of the last couple of trading sessions, courtesy of an upbeat sentiment. At the time of writing, the USD/JPY is trading at 144.80, almost flat.

The USD/JPY is range-bound in the 142.00-145.00 range following last week’s intervention. Even though the major remains upward biased, and the 20-day EMA is closing to price action, which means that a break below the latter would exert downward pressure on the pair in the near term.

Short term, the USD/JPY one-hour chart shows that a double-top chart pattern is emerging at around the 144.60-75 area, which could pave the way for further losses. Nevertheless, the 20 and the 50-EMAs, meandering around 144.51 and 144.16, respectively, would be difficult to surpass. But once cleared, a fall towards the S1 daily pivot at around 143.70 is on the cards.

On the flip side, the USD/JPY’s first resistance would be the 145.00 figure, the line in the sand imposed by the Bank of Japan, last week’s intervention. Break above will expose the YTD high at 145.90, ahead of the 146.00 figure.

Technical Levels: Supports and Resistances

USDJPY currently trading at 144.8 at the time of writing. Pair opened at 144.76 and is trading with a change of 0.01 % .

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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