#USDJPY @ 149.955 renews the multi-year high but struggles to overcome 150.00 hurdle., @nehcap view: Limited upside expected, @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- USD/JPY renews the multi-year high but struggles to overcome 150.00 hurdle.
- Overbought RSI challenge the further upside towards the late 1990 top.
- Previous resistance line from April restricts the immediate downside.
- Bears should wait for 149.60 before taking entry.
The pair currently trades last at 149.955.
The previous day high was 149.91 while the previous day low was 149.1. The daily 38.2% Fib levels comes at 149.6, expected to provide support. Similarly, the daily 61.8% fib level is at 149.41, expected to provide support.
USD/JPY buyers keep the reins between the 149.90 and 149.95 area ever since the yen pair refreshed the 32-year during early Thursday.
It should, however, be noted that the overbought RSI (14) joins an upward-sloping resistance line from late Wednesday to challenge the USD/JPY bulls near 150.00.
On the contrary, a convergence of the 50-SMA and immediate support line highlights the 149.89 level as the immediate key support.
Trend: Limited upside expected
Looking at the D1 (daily) chart, the USD/JPY pair remains well above the six-month-old resistance-turned-support of 149.60, which in turn joins bullish MACD to direct buyers toward the August 1990 high near 151.65.
Following that, the mid-1990 peak around 155.80 will be in focus.
Alternatively, a daily close below 149.60, could drag the quote to September’s peak of 145.90.
Trend: Limited upside expected
Overall, USD/JPY is ready to refresh the multi-year high by crossing the 150.00 immediate resistance. However, any further upside appears limited room unless crossing the 151.65 level.
Meanwhile, the sellers should wait for a clear break of 149.60 to take even intraday short positions.
Technical Levels: Supports and Resistances
USDJPY currently trading at 149.94 at the time of writing. Pair opened at 149.9 and is trading with a change of 0.03% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 149.94 |
| 1 | Today Daily Change | 0.04 |
| 2 | Today Daily Change % | 0.03% |
| 3 | Today daily open | 149.9 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 145.74, 50 SMA 142.01, 100 SMA @ 138.61 and 200 SMA @ 130.01.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 145.74 |
| 1 | Daily SMA50 | 142.01 |
| 2 | Daily SMA100 | 138.61 |
| 3 | Daily SMA200 | 130.01 |
The previous day high was 149.91 while the previous day low was 149.1. The daily 38.2% Fib levels comes at 149.6, expected to provide support. Similarly, the daily 61.8% fib level is at 149.41, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 149.36, 148.83, 148.55
- Pivot resistance is noted at 150.17, 150.45, 150.98
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 149.91 |
| Previous Daily Low | 149.10 |
| Previous Weekly High | 148.86 |
| Previous Weekly Low | 145.24 |
| Previous Monthly High | 145.90 |
| Previous Monthly Low | 138.78 |
| Daily Fibonacci 38.2% | 149.60 |
| Daily Fibonacci 61.8% | 149.41 |
| Daily Pivot Point S1 | 149.36 |
| Daily Pivot Point S2 | 148.83 |
| Daily Pivot Point S3 | 148.55 |
| Daily Pivot Point R1 | 150.17 |
| Daily Pivot Point R2 | 150.45 |
| Daily Pivot Point R3 | 150.98 |
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