#USDJPY @ 148.953 remains indecisive after a volatile start to the week., @nehcap view: Further recovery expected (Pivot Orderbook analysis)

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• USD/JPY remains indecisive after a volatile start to the week.
• Immediate resistance line joins previous support from late September to restrict nearby moves.
• Sustained trading above the key SMAs, the receding bearish bias of MACD keeps buyers hopeful.

The pair currently trades last at 148.953.

The previous day high was 149.71 while the previous day low was 145.51. The daily 38.2% Fib levels comes at 148.1, expected to provide support. Similarly, the daily 61.8% fib level is at 147.11, expected to provide support.

USD/JPY holds onto the day-start inaction around 149.00 as European traders brace for Tuesday’s work. In doing so, the yen pair remains inside a 40-pip trading area established after a rollercoaster start to the week.

That said, the support-turned-resistance line from September 22, around 149.00 by the press time, restricts the yen pair’s immediate downside. Alternatively, a descending trend line joining the quote’s retreat from early Monday’s peak, near 148.60, acts as the adjacent resistance.

It’s worth noting that the USD/JPY remains well above the key moving averages and has been getting less bearish signals from the MACD of late, which in turn suggests the quote’s run-up towards the 150.00 threshold.

Following that, the recently flashed 32-year high near 152.00 and June 1990 peak surrounding 155.80 will be in focus.

Alternatively, a downside break of 148.60 could drag the USD/JPY prices toward the 100-SMA and 200-SMA, respectively near 147.00 and 145.30.

If the quote drops below 145.30, the 61.8% Fibonacci retracement level of the pair’s run-up between September 22 and October 21, close to 144.80, could act as the last defense of the bulls.

Overall, USD/JPY remains on the buyer’s radar but the short-term moves appear less impressive.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 148.88 at the time of writing. Pair opened at 148.91 and is trading with a change of -0.02% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 146.55, 50 SMA 142.95, 100 SMA @ 139.15 and 200 SMA @ 130.52.

The previous day high was 149.71 while the previous day low was 145.51. The daily 38.2% Fib levels comes at 148.1, expected to provide support. Similarly, the daily 61.8% fib level is at 147.11, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 146.37, 143.84, 142.17
• Pivot resistance is noted at 150.58, 152.24, 154.78

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