USD/JPY Price Analysis: To test the 20-day EMA after hitting a new session high around 130.50

USD/JPY recovers some ground as traders brace for a busy US economic calendar.
Buyers are eyeing a test of the 20-day EMA, as the RSI and RoC suggest the USD/JPY could print a leg-up in the near term.
SUD/JPY Price Analysis: Remains downward biased, but it could aim higher.

Christian Borjon Valencia FXStreet

USD/JPY erases last Friday’s losses and reaches a new session high at 130.49, though slightly beneath the 20-day Exponential Moving Average (EMA), used as a barometer for short-term bias, which remains above the exchange rate. Therefore, the USD/JPY remains bearish despite trading at 130.49, above its opening price by 0.56%.

USD/JPY Price Analysis: Technical outlook

From a price action point of view, the USD/JPY remains bearish biased, even though it printed new daily highs. However, USD/JPY buyers need to clear the 20-day EMA at 130.57, to open the door for further gains. Traders should be aware the Rate of Change (RoC) depicts the buyer gaining momentum, while the Relative Strength Index (RSI) is about to turn bullish, suggesting that upward pressure is building.

Therefore, the USD/JPY first resistance would be the 131.00 figure. A breach of the latter will expose a one-month-old downslope trendline at around 131.330-40, followed by the January 18 daily high at 131.57, and then January’s 11 swing high

As an alternate scenario, if the USD/JPY tumbles below 130.00. the next support would be the January 30 daily low of 129.19. A breach of the latter will expose the psychological 128.00, followed by the YTD low at 127.21.

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price	130.47
Today Daily Change	0.59
Today Daily Change %	0.45
Today daily open	129.88

Trends
Daily SMA20	130.38
Daily SMA50	133.83
Daily SMA100	139.46
Daily SMA200	136.76

Levels
Previous Daily High	130.28
Previous Daily Low	129.5
Previous Weekly High	131.12
Previous Weekly Low	129.02
Previous Monthly High	138.18
Previous Monthly Low	130.57
Daily Fibonacci 38.2%	129.8
Daily Fibonacci 61.8%	129.98
Daily Pivot Point S1	129.49
Daily Pivot Point S2	129.11
Daily Pivot Point S3	128.71
Daily Pivot Point R1	130.27
Daily Pivot Point R2	130.67
Daily Pivot Point R3	131.05

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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