Technical Analysis – USDJPY recoups some losses, meeting 155.00
USDJPY accelerates above 200-day SMA
RSI indicates upside movements
Entering the 155.00 area has been a struggle, and there might be another tough obstacle within the 156.85–157.90 region, which encapsulates the 23.6% Fibonacci retracement level of the upward wave from 140.20 to 161.94.
According to the technical indicators, the bulls may not have won the battle yet. Specifically, the RSI is still standing above its 30 mark, gaining some momentum, while the MACD is trying to head north, remaining beneath its trigger and zero lines.
If the pair reactivates its uptrend above 159.50, the next target will be the inside swing low at 160.20. Even higher, the bulls might head for the record high of 161.94.
On the downside, the 154.50 support has been containing the selling forces over the past three days. Hence, a step beneath that line and the 38.2% Fibonacci of 153.65, as well as the eleven-week low of 151.90 near the 200-day SMA, might produce fresh negative volatility.
Overall, USDJPY is able to sustain an upward trend as long as it stands above the 200-day SMA. To attract new buyers, the pair will need to pierce through the 160.20 barricade.Related Assets
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