#USDJPY @ 137.636 grinds higher after refreshing two-week top., @nehcap view: Further upside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• USD/JPY grinds higher after refreshing two-week top.
• Clear break of three-week-old descending trend line, upbeat oscillators favor buyers.
• Convergence of 61.8% Fibonacci retracement level, downward-sloping resistance line from late October challenges further upside.

The pair currently trades last at 137.636.

The previous day high was 137.85 while the previous day low was 136.45. The daily 38.2% Fib levels comes at 137.31, expected to provide support. Similarly, the daily 61.8% fib level is at 136.98, expected to provide support.

USD/JPY bulls struggle to defend the previous day’s run-up around 137.70-80, despite refreshing a multi-day high, during early Tuesday. That said, the Yen pair remains sidelined after rising to the highest levels since December 01.

The quote’s latest run-up could be linked to the week-start break of a descending resistance line from November 23, now support around 136.10. Also keeping the USD/JPY buyers hopeful are the bullish MACD signals and the firmer RSI (14), not overbought.

However, a convergence of the 61.8% Fibonacci retracement level of the Yen pair’s run-up between August and October, as well as a seven-week-long downward-sloping trend line, challenges the USD/JPY bulls around 138.70.

Should the USD/JPY buyers manage to cross the 138.70 resistance confluence, the odds of their rush towards the tops marked during late November, near 139.90 and 142.25, can’t be ruled out.

On the flip side, pullback moves may aim for the previous resistance line near 136.10 to convince the sellers. Even so, the 200-DMA could challenge the USD/JPY pair’s short-term downside near 135.25.

In a case where the quote remains bears past 135.25, the sellers could aim for refreshing the monthly low, currently around 133.60.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 137.75 at the time of writing. Pair opened at 137.72 and is trading with a change of 0.02% % .

The pair is trading below its 20 Daily moving average @ 138.31, below its 50 Daily moving average @ 143.21 , below its 100 Daily moving average @ 141.1 and above its 200 Daily moving average @ 135.16

The previous day high was 137.85 while the previous day low was 136.45. The daily 38.2% Fib levels comes at 137.31, expected to provide support. Similarly, the daily 61.8% fib level is at 136.98, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 136.83, 135.94, 135.42
• Pivot resistance is noted at 138.23, 138.74, 139.64

[/s2If]
Join Our Telegram Group