#USDJPY @ 134.776 remains indecisive after a volatile move, probes two-day downtrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/JPY remains indecisive after a volatile move, probes two-day downtrend.
• BoJ Governor Nominee Ueda flashes mixed signals to fuel recent activity.
• Sustained trading beyond 200-HMA, one-week-old support line keeps buyers hopeful.
• 50-HMA, ascending trend line from last Friday guard immediate upside.

The pair currently trades last at 134.776.

The previous day high was 135.36 while the previous day low was 134.49. The daily 38.2% Fib levels comes at 134.82, expected to provide resistance. Similarly, the daily 61.8% fib level is at 135.03, expected to provide resistance.

USD/JPY bears run out of steam after the latest bout of volatility as the Yen pair remains well-anchored above the key support levels. However, immediate hurdles do challenge the recovery moves.

That said, the quote remains unchanged on a day near 134.65 after an almost 100-pip move on comments from Kazuo Ueda, the Japanese government’s nominee for Bank of Japan (BoJ) Governor.

Also read: BoJ Gov Nominee Ueda: Weak Yen benefits exports, inbound tourism and some service sectors

Even if the mixed signals from Ueda triggered the Yen pair’s volatility, the quote remained between the 200-Hour Moving Average (HMA) and the 50-HMA.

It’s worth noting, however, that the receding bearish bias of the MACD and the bounce in the RSI (14) line from oversold territory signals the USD/JPY pair’s further recovery.

Also keeping the buyers hopeful is the quote’s successful trading above the 200-HMA and a one-week-old ascending trend line, close to 134.00 and 134.40 in that order.

Meanwhile, the 50-HMA restricts the immediate upside of the USD/JPY pair to around 134.80.

Following that, the 135.00 round figure and an upward-sloping resistance line from the last Friday, close to 135.40 at the latest, could entertain the USD/JPY pair traders.

Overall, USD/JPY is likely to remain firmer but the upward trajectory appears bumpy.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 134.64 at the time of writing. Pair opened at 134.64 and is trading with a change of 0.00% % .

The pair is trading above its 20 Daily moving average @ 132.18, above its 50 Daily moving average @ 131.8 , below its 100 Daily moving average @ 137.25 and below its 200 Daily moving average @ 137.04

The previous day high was 135.36 while the previous day low was 134.49. The daily 38.2% Fib levels comes at 134.82, expected to provide resistance. Similarly, the daily 61.8% fib level is at 135.03, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 134.3, 133.95, 133.42
• Pivot resistance is noted at 135.17, 135.71, 136.05

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