Further gains are anticipated in the USDJPY currency pair as it continues to recover from a support line that has been in place for the past four months. The pair is currently trading near its highest level of the day. This view aligns with Nehcap’s perspective on the matter.

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• USD/JPY extends Friday’s recovery from four-month-old rising support line, grinds near intraday high of late.

The pair currently trades last at 141.877.

The previous day high was 141.18 while the previous day low was 138.07. The daily 38.2% Fib levels comes at 139.99, expected to provide support. Similarly, the daily 61.8% fib level is at 139.26, expected to provide support.

USD/JPY stays on the front foot around 141.80 as it prods a six-week-old horizontal resistance during early Monday morning in Europe. In doing so, the Yen pair justifies the Bank of Japan’s (BoJ) firmer bond-buying operation since February.

Adding strength to the upside bias is the pair’s successful rebound from an upward-sloping support line from late March, as well as a daily closing beyond the 141.00 resistance-turned-support confluence comprising the 21-DMA and 50-DMA.

Furthermore, upbeat MACD signals and the RSI (14) line, not overbought, also add strength to the bullish bias about the Yen pair.

However, a daily closing beyond the aforementioned horizontal resistance area surrounding the 141.80-142.00 resistance area becomes necessary for the USD/JPY buyers to keep the reins.

Following that, a one-month-old horizontal region surrounding 144.00 can act as an intermediate halt before directing the Yen pair buyers toward the yearly top marked during late June around 145.00.

Meanwhile, pullback moves need validation from the aforementioned DMA confluence near 141.00, as well as the US Nonfarm Payrolls (NFP) data.

In a case where the USD/JPY bears dominate past 141.00 and the US jobs report disappoints, the multi-month-old rising support line of near 138.20 will be the last defense of the Yen pair buyers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 141.73 at the time of writing. Pair opened at 141.17 and is trading with a change of 0.40% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 140.97, 50 SMA 140.96, 100 SMA @ 137.41 and 200 SMA @ 136.7.

The previous day high was 141.18 while the previous day low was 138.07. The daily 38.2% Fib levels comes at 139.99, expected to provide support. Similarly, the daily 61.8% fib level is at 139.26, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 139.1, 137.02, 135.98
• Pivot resistance is noted at 142.21, 143.26, 145.33

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