#USDJPY @ 133.682 remains sidelined after rising to the highest levels in one month., @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- USD/JPY remains sidelined after rising to the highest levels in one month.
- Upbeat oscillators, clear break of the key DMAs keep Yen pair buyers hopeful.
- Descending resistance line from late October 2022 challenges USD/JPY bulls ahead of 200-DMA.
- Bears need validation from 133.25 to aim for three-month-long rising support line.
The pair currently trades last at 133.682.
The previous day high was 133.81 while the previous day low was 132.97. The daily 38.2% Fib levels comes at 133.49, expected to provide support. Similarly, the daily 61.8% fib level is at 133.29, expected to provide support.
USD/JPY picks up bids to reverse the early Asian session pullback from a one-month high as it prints mild gains around 133.80 amid the initial hours of Wednesday’s European trading session.
In doing so, the Yen pair rises for the fifth consecutive day even as bulls pause around the multi-day top.
The quote’s latest run-up could be linked to the bullish MACD signals and the upbeat RSI (14) not overbought. More importantly, a clear upside break of the 100-DMA and 50-DMA convergence, near 133.35-25, keeps the USD/JPY buyers hopeful.
However, a downward-sloping resistance line from October 2022, around 134.50 by the press time, appears a tough nut to crack for the Yen pair buyers.
Following that, the 200-DMA hurdle of around 137.20 acts as the last defense of the USD/JPY bears.
On the flip side, a daily closing below the previously stated DMA confluence, near 133.35-25, could quickly drag the USD/JPY prices towards a three-month-long ascending support line, close to 131.10 at the latest.
Above all, a horizontal area comprising multiple lows marked since early January, near 129.50, becomes a crucial support for the USD/JPY bears to watch as a break of which can challenge the Year-To-Date (YTD) low of 127.21 marked in January.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
USDJPY currently trading at 133.74 at the time of writing. Pair opened at 133.67 and is trading with a change of 0.05% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 133.74 |
| 1 | Today Daily Change | 0.07 |
| 2 | Today Daily Change % | 0.05% |
| 3 | Today daily open | 133.67 |
The pair is trading above its 20 Daily moving average @ 132.17, above its 50 Daily moving average @ 133.26 , above its 100 Daily moving average @ 133.32 and below its 200 Daily moving average @ 137.2
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 132.17 |
| 1 | Daily SMA50 | 133.26 |
| 2 | Daily SMA100 | 133.32 |
| 3 | Daily SMA200 | 137.20 |
The previous day high was 133.81 while the previous day low was 132.97. The daily 38.2% Fib levels comes at 133.49, expected to provide support. Similarly, the daily 61.8% fib level is at 133.29, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 133.16, 132.65, 132.33
- Pivot resistance is noted at 133.99, 134.32, 134.82
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 133.81 |
| Previous Daily Low | 132.97 |
| Previous Weekly High | 133.76 |
| Previous Weekly Low | 130.63 |
| Previous Monthly High | 137.91 |
| Previous Monthly Low | 129.64 |
| Daily Fibonacci 38.2% | 133.49 |
| Daily Fibonacci 61.8% | 133.29 |
| Daily Pivot Point S1 | 133.16 |
| Daily Pivot Point S2 | 132.65 |
| Daily Pivot Point S3 | 132.33 |
| Daily Pivot Point R1 | 133.99 |
| Daily Pivot Point R2 | 134.32 |
| Daily Pivot Point R3 | 134.82 |
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