- USD/JPY renews 24-year excessive throughout six-day uptrend, picks up bids of late.
- Overbought RSI, month-to-month resistance line can problem additional upside.
- Three-week-old assist line, 10-DMA restricts fast draw back.
- Bulls are more likely to hold the reins amid fears of short-term pullback.
USD/JPY bulls are on the roll as they refresh the multi-year excessive close to 146.40 early Wednesday, posting the six-day profitable streak.
In doing so, the yen pair ignores the almost overbought RSI circumstances whereas taking clues from the upcoming bull cross on the MACD and the quote’s sustained break of the earlier prime surrounding 145.90.
It must be famous that the quote’s newest upside goals for a month-to-month resistance line of round 147.00. Nonetheless, the pair’s additional upside seems troublesome because of the convergence of the ascending resistance line from late April and 100% Fibonacci Growth (FE) of April-August strikes, close to 148.60. Additionally appearing as an upside filter is the August 1998 excessive close to 147.70.
In the meantime, three-week-old assist and the 10-DMA limit short-term USD/JPY draw back to round 145.30 and 145.zero respectively.
Following that, September’s low close to 140.35 and July’s peak of 139.40 will probably be vital for the bears.
Nonetheless, the bearish bias stays elusive till the quote stays past the August month’s low close to 140.30.
USD/JPY: Day by day chart
Pattern: Bullish
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