#USDJPY @ 139.586 Price Analysis: Overbought RSI caps Yen pair’s upside below 140.00, @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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The pair currently trades last at 139.586.
The previous day high was 139.48 while the previous day low was 138.23. The daily 38.2% Fib levels comes at 139.0, expected to provide support. Similarly, the daily 61.8% fib level is at 138.71, expected to provide support.
USD/JPY edges higher as it renews the yearly top around 139.65-70 during early Thursday. In doing so, the Yen pair prods the 50% Fibonacci retracement level of its October 2022 to January 2023 downside amid overbought conditions of the RSI (14) line.
Apart from the 50% Fibonacci retracement level surrounding 139.60, the late November 2022 peak of around 139.90, quickly followed by the 140.00 round figure, also challenge the USD/JPY bulls.
In a case where the USD/JPY pair remains firmer past 140.00, the quote’s run-up towards the late November swing high of around 142.25 can’t be ruled out.
Though, the 61.8% Fibonacci retracement level near 142.50, also known as the golden Fibonacci ratio, could challenge the Yen pair buyers afterward.
Meanwhile, USD/JPY pair’s retreat remains elusive unless it breaks the previous resistance line stretched from December 2022, close to 137.80 at the latest.
Following that, the 200-DMA of around 137.20 can challenge the Yen pair sellers before giving them control.
Even so, a two-month-old ascending support line at 134.90 can prod the USD/JPY bears afterward.
Overall, USD/JPY remains on the bull’s radar even if the price is likely to witness a pullback.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
USDJPY currently trading at 139.62 at the time of writing. Pair opened at 139.46 and is trading with a change of 0.11% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 139.62 |
| 1 | Today Daily Change | 0.16 |
| 2 | Today Daily Change % | 0.11% |
| 3 | Today daily open | 139.46 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 136.32, 50 SMA 134.18, 100 SMA @ 133.36 and 200 SMA @ 137.19.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 136.32 |
| 1 | Daily SMA50 | 134.18 |
| 2 | Daily SMA100 | 133.36 |
| 3 | Daily SMA200 | 137.19 |
The previous day high was 139.48 while the previous day low was 138.23. The daily 38.2% Fib levels comes at 139.0, expected to provide support. Similarly, the daily 61.8% fib level is at 138.71, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 138.64, 137.81, 137.39
- Pivot resistance is noted at 139.88, 140.3, 141.13
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 139.48 |
| Previous Daily Low | 138.23 |
| Previous Weekly High | 138.75 |
| Previous Weekly Low | 135.65 |
| Previous Monthly High | 136.56 |
| Previous Monthly Low | 130.63 |
| Daily Fibonacci 38.2% | 139.00 |
| Daily Fibonacci 61.8% | 138.71 |
| Daily Pivot Point S1 | 138.64 |
| Daily Pivot Point S2 | 137.81 |
| Daily Pivot Point S3 | 137.39 |
| Daily Pivot Point R1 | 139.88 |
| Daily Pivot Point R2 | 140.30 |
| Daily Pivot Point R3 | 141.13 |
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