#USDJPY @ 136.022 picks up bids to defend the previous day’s recovery moves., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• USD/JPY picks up bids to defend the previous day’s recovery moves.
• Clear break of immediate resistance line, bullish MACD signals favor buyers.
• 100-HMA, previous support line from late February restricts the immediate upside.
• Multiple hurdles stand ready to challenge bulls below 137.10 final challenge.

The pair currently trades last at 136.022.

The previous day high was 136.19 while the previous day low was 135.37. The daily 38.2% Fib levels comes at 135.88, expected to provide support. Similarly, the daily 61.8% fib level is at 135.68, expected to provide support.

USD/JPY holds onto the week-start recovery as it prints mild gains around 136.10 during Tuesday’s Asian session.

In doing so, the Yen pair justifies the previous day’s upside break of a three-day-old resistance line, now support near 135.90.

Apart from the trend line breakout, the bullish MACD signals also keep the USD/JPY buyers hopeful as they approach the 100-Hour Moving Average (HMA) hurdle of 136.20.

Following that, the support-turned-resistance line from February, near 136.50 by the press time, could challenge the USD/JPY pair’s further advances.

It’s worth noting that there are multiple levels around 136.60 and 137.00, marked during late February and early March, which can probe the USD/JPY bulls before directing them to the final defense of the bears, namely the previous weekly top of 137.10.

In a case where the Yen pair remains firmer past 137.10, the odds of witnessing a run-up toward the December 2022 peak of 138.17, can’t be ruled out.

Meanwhile, pullback moves remain elusive unless the USD/JPY pair remains beyond the previous resistance line from last Thursday, close to 135.90.

In a case where the Yen pair drops below 135.90, it can drop to a one-week-old ascending trend line near 135.40 will be in focus.

Overall, USD/JPY is likely to remain firmer but the pair’s further upside needs validation from 136.50.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 136.1 at the time of writing. Pair opened at 135.99 and is trading with a change of 0.08% % .

The pair is trading above its 20 Daily moving average @ 134.27, above its 50 Daily moving average @ 132.15 , below its 100 Daily moving average @ 136.5 and below its 200 Daily moving average @ 137.35

The previous day high was 136.19 while the previous day low was 135.37. The daily 38.2% Fib levels comes at 135.88, expected to provide support. Similarly, the daily 61.8% fib level is at 135.68, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 135.51, 135.03, 134.69
• Pivot resistance is noted at 136.33, 136.67, 137.15

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