USD/JPY Price Analysis: Marches firmly towards 137.50 after printing a five-week high

USD/JPY buyers reclaimed the 137.00 figure and prepared to assault 138.87, ahead of the YTD high.
The 4-hour chart suggests the USD/JPY might dip towards 135.58, before continuing its uptrend.

Christian Borjon Valencia FXStreet

The USD/JPY advances sharply during the day, above its opening price, after hitting a daily high at 13.7.65, but late as there is one hour left for the Wall Street close, the major surrendered some of its gains amidst a risk-off trading session on Monday. At the time of writing, the USD/JPY is trading at 137.50, up by 0.47%.

USD/JPY Price Analysis: Technical outlook

The USD/JPY is upward biased, shifting from neutral after the pair dipped towards 130.39 on August 2. Nevertheless, that’s been the lowest the pair has traded since three months ago, and when it broke a downslope trendline on August 17, it shifted from neutral bias to upward biased.

That said, the USD/JPY is trading nearby the July 27 daily highs at 137.65, which, once cleared, will send the major rallying towards the July 21 swing high at 138.87, followed by the YTD high at 139.38.

In the four-hour time frame, the USD/JPY faces sold resistance at the R1 daily pivot, which is also the confluence of the July 27 daily high at 137.46. It’s worth nothing that the Relative Strength Index (RSI) is entering overbought conditions. Therefore, the USD/JPY might register a leg-down before continuing upwards.

If that scenario plays out, the USD/JPY first support will be the 20-EMA at 136.25, followed by the confluence of the 200-EMA and the August 7 daily high at 135.58.

USD/JPY 4-Hour chart

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price	137.50
Today Daily Change	0.55
Today Daily Change %	0.40
Today daily open	136.97

Trends
Daily SMA20	134.46
Daily SMA50	135.48
Daily SMA100	131.98
Daily SMA200	123.79

Levels
Previous Daily High	137.23
Previous Daily Low	135.72
Previous Weekly High	137.23
Previous Weekly Low	132.56
Previous Monthly High	139.39
Previous Monthly Low	132.5
Daily Fibonacci 38.2%	136.65
Daily Fibonacci 61.8%	136.29
Daily Pivot Point S1	136.05
Daily Pivot Point S2	135.13
Daily Pivot Point S3	134.53
Daily Pivot Point R1	137.56
Daily Pivot Point R2	138.15
Daily Pivot Point R3	139.07

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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