USD/JPY buyers prod the 200-DMA hurdle as they push the limits of a two-month high near 137.00 during early Monday. In doing so, the Yen pair rises for the third consecutive day while cheering the previous day’s upside break of a downward-sloping resistance line from the last November, now the immediate support, as well as the bullish MACD signals.
However, the 200-DMA level surrounding the 137.00 round figure joins the overbought RSI (14) line to challenge the USD/JPY bulls of late.
Even if the Yen pair manages to overcome the 137.00 hurdle, a horizontal region comprising multiple levels marked since early December 2022, between 137.90 and 138.20, will be crucial for the pair buyers to watch.
Should the quote manages to remain firmer past 138.20, the odds of witnessing the USD/JPY rally targeting a 61.8% Fibonacci retracement level of the October 2022 to January 2023 downturn, near 142.55, will be in the spotlight.
Alternatively, USD/JPY pullback remains elusive unless the quote stays beyond the resistance-turned-support line, around 135.85 by the press time.
Even if the Yen pair drops below 135.85, the mid-April swing high around 135.15 and the five-week-old ascending support line near 133.70 could challenge the USD/JPY bears.
Overall, USD/JPY is likely to remain firmer but the quote’s additional rise depends upon a 138.20 breakout.
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