USD/JPY Price Analysis: Bounces off immediate support to pare intraday losses above 137.00

USD/JPY recovers from intraday low, bounces off three-day-old support line.
Bearish MACD signals, one-week-old ascending trend line challenge buyers.
200-HMA, 134.50 act as the additional downside filters.

Anil Panchal FXStreet

USD/JPY picks up bids to 137.40 as it pares intraday losses during early Friday morning in Europe. In doing so, the Yen pair bounces off an upward-sloping support line from Tuesday.

That said, the recovery moves currently aim for the ascending resistance line from December 07, close to 138.10. However, bearish MACD signals and the stated hurdle could challenge the pair’s further upside.

In a case where the USD/JPY pair stays firmer past 138.10, the 139.00 round figure and the November-end swing high near 139.90 could challenge the bulls.

It’s worth noting that the 140.00 round figure acts as the last defense of the pair bears.

Alternatively, a downside break of the aforementioned immediate support line, close to 137.25 by the press time, isn’t an open ticket to the USD/JPY bears as the 200-HMA support around 136.55 could challenge the quote’s further downside.

Following that, the weekly low around 134.50 may probe the USD/JPY bears before directing them to the monthly bottom around 133.60.

If at all the Yen pair remains bearish past 133.60, the odds of witnessing a south-run towards May’s high near 131.30 can’t be ruled out.

USD/JPY: Hourly chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	137.4
Today Daily Change	-0.26
Today Daily Change %	-0.19%
Today daily open	137.66

Trends
Daily SMA20	137.8
Daily SMA50	142.71
Daily SMA100	141.11
Daily SMA200	135.47

Levels
Previous Daily High	138.18
Previous Daily Low	135.23
Previous Weekly High	137.86
Previous Weekly Low	134.13
Previous Monthly High	148.82
Previous Monthly Low	137.5
Daily Fibonacci 38.2%	137.05
Daily Fibonacci 61.8%	136.36
Daily Pivot Point S1	135.87
Daily Pivot Point S2	134.08
Daily Pivot Point S3	132.92
Daily Pivot Point R1	138.81
Daily Pivot Point R2	139.97
Daily Pivot Point R3	141.76

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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