Technical Analysis – USDJPY gives signs for more bullish actions
February 13, 2023 2:29 pm
USDJPY is battling with the 50-day simple moving average (SMA) and the 132.90 resistance level, holding well above the medium-term descending channel. The RSI indicator is pointing north above the neutral threshold of 50, while the stochastic oscillator posted a bullish crossover within its %K and %D lines slightly below the overbought region.
Should the pair manage to strengthen its positive momentum, the next resistance could come around 132.90 ahead of the 134.50 barrier. A break above these levels would open the way towards the 200-day simple moving average (SMA) at 136.90, while a move higher may shift the bias to a more bullish one.
However, if prices are unable to break higher in the next few sessions, the risk would shift back to the downside, with the 20-day SMA at 130.30 once again coming into focus. A drop lower would signal a resumption of the medium-term descending move, that’s been developing since October 2022. The next key support to watch lower down is the seven-month trough of 127.21 ahead of 126.30, registered in May 2022.
In the medium term, the bearish outlook remains intact, with the price standing beneath the 200-day SMA. However, should prices surpass, it would change the picture to slightly positive.
USDJPY is battling with the 50-day simple moving average (SMA) and the 132.90 resistance level, holding well above the medium-term descending channel. The RSI indicator is pointing north above the neutral threshold of 50, while the stochastic oscillator posted a bullish crossover within its %K and %D lines slightly below the overbought region.
Should the pair manage to strengthen its positive momentum, the next resistance could come around 132.90 ahead of the 134.50 barrier. A break above these levels would open the way towards the 200-day simple moving average (SMA) at 136.90, while a move higher may shift the bias to a more bullish one.
However, if prices are unable to break higher in the next few sessions, the risk would shift back to the downside, with the 20-day SMA at 130.30 once again coming into focus. A drop lower would signal a resumption of the medium-term descending move, that’s been developing since October 2022. The next key support to watch lower down is the seven-month trough of 127.21 ahead of 126.30, registered in May 2022.
In the medium term, the bearish outlook remains intact, with the price standing beneath the 200-day SMA. However, should prices surpass, it would change the picture to slightly positive.
Related Posts: