USD/JPY Price Analysis: Bulls approach 133.60 hurdle ahead of BOJ

USD/JPY takes the bids to refresh daily top, snaps a two-day downtrend.
Weekly horizontal resistance, descending trend line from Tuesday test buyers.
MACD, RSI hints at further recovery moves until the quote stays beyond 100-SMA.
BOJ is widely anticipated to keep the monetary policy intact.

Anil Panchal FXStreet

USD/JPY extends the bounce off weekly low while refreshing intraday high around 133.30 during Friday’s Asian session.

In doing so, the yen pair stretches the bounce off 100-SMA while approaching a one-week-old horizontal resistance area, surrounding 133.50-60.

Given the RSI rebound from the oversold territory, coupled with the receding bearish bias of the MACD, the USD/JPY prices are likely to defend the latest recovery.

However, a downward sloping resistance line from Tuesday, around 133.95, as well as the 134.00 threshold, will act as additional upside filters, other than the immediate 133.50-60 zone, to challenge the pair buyers.

Also, the Bank of Japan (BOJ) is likely to keep its easy-money policy untouched and may add strength to the USD/JPY upside.

Read: BOJ set to maintain ultra-low rates, sound warning over weak yen

Alternatively, pullback moves may remain elusive until the quote stays beyond the 100-SMA level of 131.40.

Following that, the 200-SMA and the early June swing high, around 130.25-20, could challenge the USD/JPY bears.

USD/JPY: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	133.22
Today Daily Change	1.00
Today Daily Change %	0.76%
Today daily open	132.22

Trends
Daily SMA20	130.74
Daily SMA50	129.31
Daily SMA100	123.47
Daily SMA200	118.44

Levels
Previous Daily High	134.68
Previous Daily Low	131.5
Previous Weekly High	134.56
Previous Weekly Low	130.43
Previous Monthly High	131.35
Previous Monthly Low	126.36
Daily Fibonacci 38.2%	132.71
Daily Fibonacci 61.8%	133.46
Daily Pivot Point S1	130.92
Daily Pivot Point S2	129.62
Daily Pivot Point S3	127.74
Daily Pivot Point R1	134.1
Daily Pivot Point R2	135.98
Daily Pivot Point R3	137.28

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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