Technical Analysis – USDJPY bulls stay in power as NFP looms
August 4, 2023 12:27 pm
USDJPY is waiting for fresh impetus as the clock ticks down to the US nonfarm payrolls release at 12:30 GMT.
The pair has climbed back above its 20- and 50-day simple moving averages (SMAs) recently, but the 143.30 area has been a tough obstacle over the past couple of days. Nevertheless, the RSI and MACD are in the bullish area, indicating that buyers are still in town.
An extension above the 143.30-144.00 bar could retest the important barrier of 145.00. A step higher could unleash a faster rally towards the 147.25-147.70 area, where the pair peaked in 1998. If the 148.85 barrier from November 2022 gives way too, the uptrend could strengthen towards the critical 150.00 mark, which the bulls failed to claim in 2022. The ascending line, which connects the highs from March 2023, adds extra importance to the region.
Looking for support levels, the 20- and 50-day simple moving averages (SMAs) could immediately halt any declines below 142.00. If they prove fragile, the price could tumble straight to the 138.60-138.00 key base to test the ascending trendline from March. Even lower, the 200-day SMA and the resistance-turned-support trendline at 135.50 could show up on the radar ahead of the 2023 upward-sloping trendline at 134.65.
In brief, USDJPY keeps moving in a short upward path, while the rebound off the 138.00 level in July kept the 2023 uptrend intact as well. Despite the positive picture, buyers may stay on the sidelines until they see a bullish breakout above 145.00.
USDJPY is waiting for fresh impetus as the clock ticks down to the US nonfarm payrolls release at 12:30 GMT.
The pair has climbed back above its 20- and 50-day simple moving averages (SMAs) recently, but the 143.30 area has been a tough obstacle over the past couple of days. Nevertheless, the RSI and MACD are in the bullish area, indicating that buyers are still in town.
An extension above the 143.30-144.00 bar could retest the important barrier of 145.00. A step higher could unleash a faster rally towards the 147.25-147.70 area, where the pair peaked in 1998. If the 148.85 barrier from November 2022 gives way too, the uptrend could strengthen towards the critical 150.00 mark, which the bulls failed to claim in 2022. The ascending line, which connects the highs from March 2023, adds extra importance to the region.
Looking for support levels, the 20- and 50-day simple moving averages (SMAs) could immediately halt any declines below 142.00. If they prove fragile, the price could tumble straight to the 138.60-138.00 key base to test the ascending trendline from March. Even lower, the 200-day SMA and the resistance-turned-support trendline at 135.50 could show up on the radar ahead of the 2023 upward-sloping trendline at 134.65.
In brief, USDJPY keeps moving in a short upward path, while the rebound off the 138.00 level in July kept the 2023 uptrend intact as well. Despite the positive picture, buyers may stay on the sidelines until they see a bullish breakout above 145.00.
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