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Technical Analysis – USDJPY is ready to challenge the 148.85 zone
September 25, 2023 12:25 pmVideo
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USDJPY continues to trade in an uptrend mode, above all EMAs
Looking ready to challenge the 148.85 resistance barrier
Both the RSI and the MACD detect positive momentum
USDJPY is trading higher today, getting closer to the 148.85 zone, marked by the highs of October 31 and November 1. Overall, the pair remains in an uptrend mode, well above the upwards sloping trendline drawn from the low of March 24, and above all three of the plotted exponential moving averages (EMAs). All these technical indications paint a positive picture.
Both the RSI and the MACD point to upside momentum. The former lies above 50 and points up, while the latter runs well within its positive territory. That said, the MACD is still fractionally below its trigger line. A break above that signal line may confirm that the bulls are becoming even more confident.
A decisive break above 148.85 could confirm the continuation of the prevailing uptrend and perhaps set the stage for advances towards the 151.85 zone, which is the pair’s highest level in more than two decades. That said, as the pair keeps drifting north the chances for intervention by Japanese authorities are likely increasing, and thus traders may be reluctant to push the pair beyond that zone, if they manage to hit it.
For the outlook to turn bearish, USDJPY may need to slide all the way back down to, and even below, the 143.90 barrier. Such a dip could also signal the break of the uptrend line taken from the low of March 24 and see scope for declines towards the lows of August 4 and 7, at around 141.50.
To wrap it up, USDJPY continues to trade north, in a steep uptrend. Currently, it is looking ready to break above 148.85, but the higher the pair goes, the higher the probability for intervention by Japanese authorities.
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