There is an increase in demand for USDJPY at a price of 141.764 which is causing a reversal of the decrease experienced the previous day after reaching the highest levels it has in seven months. In the opinion of @nehcap, there is an anticipated rise in the value of the currency pair.

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• USD/JPY picks up bids to reverse the previous day’s retreat from the highest levels in seven months.

The pair currently trades last at 141.764.

The previous day high was 142.25 while the previous day low was 141.21. The daily 38.2% Fib levels comes at 141.61, expected to provide support. Similarly, the daily 61.8% fib level is at 141.86, expected to provide resistance.

USD/JPY regains upside momentum, after reversing from the yearly top the previous day, as it makes rounds to the intraday high of around 141.75 heading into Wednesday’s European session.

In doing so, the Yen pair cheers the latest breakout of an immediate resistance line stretched from the yearly top marked on Monday while bouncing off the 141.40 support confluence comprising the 100-Hour Moving Average (HMA) and lower line of a one-week-old rising wedge.

It’s worth observing that the bullish MACD signals and the firmer RSI (14) line, not overbought, add strength to the upside bias about the USD/JPY pair.

With this, the risk barometer pair is all set to approach the yearly peak surrounding 142.25, with the 142.00 round figure acting as immediate resistance.

However, the aforementioned rising wedge’s top line, close to 142.55 by the press time, restricts the Yen pair’s advances past 142.25.

In a case where the USD/JPY bulls manage to defy the bearish chart pattern by crossing the 142.55 resistance, they can aim for a horizontal area surrounding 145.00 that encompasses the early September 2022 top and the last October’s bottom.

On the flip side, a downside break of the 141.40 support confluence isn’t an open welcome for the USD/JPY bears as the 200-HMA and a fortnight-long rising trend line, close to 140.50 and 139.80 in that order, could check the sellers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 141.7 at the time of writing. Pair opened at 141.49 and is trading with a change of 0.15% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 140.09, 50 SMA 137.23, 100 SMA @ 135.24 and 200 SMA @ 137.22.

The previous day high was 142.25 while the previous day low was 141.21. The daily 38.2% Fib levels comes at 141.61, expected to provide support. Similarly, the daily 61.8% fib level is at 141.86, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 141.05, 140.61, 140.01
• Pivot resistance is noted at 142.09, 142.69, 143.13

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