Technical Analysis – USDJPY bulls look to be strong enough
- USDJPY rebounds from 150.40
- 200-day SMA seems to be tough resistance
- RSI and MACD are mixed
USDJPY has been gaining some optimism today for further increases after the aggressive selling interest over the last couple of days. The pair is struggling to move higher, with the 200-day simple moving average (SMA) around 152.00 acting as a strong resistance line.
If the price successfully overcomes the aforementioned barrier, it could lead the market towards the 153.25 resistance, which is ahead of the 20-day SMA at 153.75. Moving higher, the three-and-a-half-month peak of 156.75 and the 158.85 hurdle could endorse the bullish outlook again.
In the opposite direction, a fall below the 50-day SMA, the 150.40 support, and the short-term rising trend line could be a sign of steeper decreases until the 149.15 low. More downside movements could take the bears to the 146.50-147.15 zone.
Technically, the momentum oscillators are showing some contradicting signals. The RSI is pointing upwards slightly beneath the 50 level, while the MACD is losing steam below its trigger line.
All in all, USDJPY’s bulls hold control so far and try to remain above the uptrend line in the short-term view.
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