Nov 07, 2022
VOT Research Desk
Prior to Monday’s European session, USDJPY maintains its defensive position around 147.20, mildly bid to hold the previous day’s losses.
The Yen pair does this by remaining inside a one-month-old symmetrical triangle and maintaining the bounce off the 200-SMA.
The USDJPY values are expected to continue to rise in light of the quote’s most recent recovery from the important moving average and the sluggish oscillators.The 100-SMA and mentioned triangle’s top line’s convergence, which was close to 148.20 at the time of press, appears to be a difficult obstacle for the USDJPY bulls to overcome.
The swing high from October 23 near 149.70 precedes the 150.00 round mark to test the USDJPY bulls even if the price moves over 148.20.
After that, it’s not impossible for a run-up toward refreshing the annual high, which is currently at 152.000, to occur.
The lower line of the aforementioned triangle, close to 146.00, will test the sellers in the event that the 200-SMA, around 146.50, is broken to the downside. The ascending support line from October 5, which was near 145.80 at the time of publication, is another downside filter that is present.
|
Daily SMA20 |
147.85 |
|
Daily SMA50 |
144.96 |
|
Daily SMA100 |
140.36 |
|
Daily SMA200 |
132.01 |
