Technical Analysis – USDJPY flirts with intervention zone
August 14, 2023 3:30 pmVideo
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USDJPY has been storming higher in the short term, posting a fresh 9-month high of 145.57 in today’s session. Undoubtedly, the pair has reached a critical technical region around where the first round of intervention by the Japanese authorities took place.
The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the MACD is strengthening above zero and its red signal line, while the RSI is climbing higher just shy of its 70-overbought mark.
If bullish pressures persist, the price needs to initially claim the September 2022 high of 145.89. Conquering this barricade, the bulls could aim at the 148.80 resistance territory observed in November 2022. A violation of that zone could pave the way for the 32-year peak of 151.94.
Alternatively, should the uptrend lose steam and the price reverse lower, the previous 2023 high of 145.06 could curb any downside moves. Piercing through that region, the pair might face 142.24 ahead of the 140.90 hurdle, which has acted both as resistance and support in the past. Further retreats could then cease at the July low of 137.23.
Overall, USDJPY has been stuck in a steep uptrend, but the price has approached levels that in previous occasions the Japanese policymakers were willing to protect. Will this scenario play out again?
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