#USDJPY @ 148.920 pares the first intraday loss in 10 days around the highest levels since 1990., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/JPY pares the first intraday loss in 10 days around the highest levels since 1990.
• Bullish channel, sustained trading beyond 50-SMA joins upbeat RSI to favor buyers.
• Downside break of weekly ascending trend line, bearish MACD signals keep sellers hopeful with eyes on 148.70.

The pair currently trades last at 148.920.

The previous day high was 149.09 while the previous day low was 148.43. The daily 38.2% Fib levels comes at 148.84, expected to provide support. Similarly, the daily 61.8% fib level is at 148.68, expected to provide support.

USD/JPY picks up bids to consolidate Tuesday’s losses around 148.90 during mid-Asian session. In doing so, the yen pair seesaws around the multi-year high while snapping a nine-day uptrend.

Even so, the quote’s sustained trading inside the three-day-old bullish channel and the 50-SMA, challenge the bears. On the same line could be the firmer RSI (14).

However, Monday’s U-turn from the previous support line from October 13, now resistance around 149.50, joins the bearish MACD signals to tease sellers.

That said, the USD/JPY pair is likely to grind higher between the stated channel’s support line, at 148.70, and the aforementioned support-turned-resistance near 149.50.

It should be noted that the 150.00 threshold and September’s peak of 145.90 act as extra filters for the pair traders to watch for clear directions.

Should the quote stays firmer past 150.00, the odds of witnessing a run-up towards the August 1990 high near 151.65 and then to the year 1990 peak of 160.20 can’t be ruled out.

Alternatively, multiple tops marked during early September around 145.00 could challenge the USD/JPY bears past 145.90.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 148.9 at the time of writing. Pair opened at 149.03 and is trading with a change of -0.09 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 145.17, 50 SMA 141.39, 100 SMA @ 138.2 and 200 SMA @ 129.66.

The previous day high was 149.09 while the previous day low was 148.43. The daily 38.2% Fib levels comes at 148.84, expected to provide support. Similarly, the daily 61.8% fib level is at 148.68, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 148.61, 148.19, 147.95
• Pivot resistance is noted at 149.27, 149.52, 149.94

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