Analysis of the USD/JPY 50-SMA Probes Bulls Near 134.00
The USD/JPY oscillates near 134.00 as bulls maintain control amid a five-day rise close to the weekly peak. In doing so, during Wednesday’s lethargic trade, the Yen pair pokes the 50-SMA level.
Given short-term support and the positive MACD indications, as well as the Yen pair’s steady rebound from the four-month low established in the previous week, the USD/JPY may overcome the immediate obstacle of the 50-SMA level of 134.00.
It is important to keep in mind that the 200-SMA and the monthly top, which are located respectively near 137.15 and 138.20, may serve as the USD/JPY bears’ final line of defense; should they be successfully broken, the buyers would gain control.
Instead, a one-week-old rising support line that is currently located near 133.20 limits the Yen pair’s immediate downside.
Once it was done, the Before pushing USD/JPY to the 130.00 psychological magnet, the monthly low and the August 2022 bottom, between 130.55 and 130.40 in that order, could pose challenges to the pair’s sellers.
