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USD JPY today received offers to extend its pullback from the highest peak so far this year (YTD), marked the previous day. Based on information we summarized from fxstreet.com, the Yen pair refreshed the intraday low around 136.50 since Friday morning.
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That halted the two-day winning streak at the latest. Thus, the price remains pressured within a one-week-old rising wedge bearish trend chart formation. It is worth noting that the USD/JPY pair’s downside breakout today from a short-term support line, now resistance around 137.00 since Thursday joins bearish MACD signals to keep traders hopeful while watching further declines. The same highlights the lower line of the rising wedge as mentioned above, near 135.85 at the time of writing, as a key support. However, it is worth noting that the 200-hourly moving average (HMA) level near 135.60 acts as an additional filter towards the south before convincing USD/JPY bears to shoot for 132.80 target of the rising wedge, if at all the price remains weak past 135.85. Meanwhile, a descending resistance line from the recent tops restricts the immediate upside for the USD/JPY pair near 136.75. A break of that level would highlight the previous support line from Wednesday and the upper line of the wedge, which are around 137.00-20 respectively at the latest. If the price continues to strengthen past 137.20, then a rise towards the December 2022 peak around 138.20 cannot be ruled out.
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Warning !
This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.
