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20 Oct 2022

USD/JPY Price Analysis: Bulls struggle at 32-year high near 150.00

  • USD/JPY renews the multi-year high but struggles to overcome 150.00 hurdle.
  • Overbought RSI challenge the further upside towards the late 1990 top.
  •  Previous resistance line from April restricts the immediate downside.
  • Bears should wait for 149.60 before taking entry.

USD/JPY buyers keep the reins between the 149.90 and 149.95 area ever since the yen pair refreshed the 32-year during early Thursday.

It should, however, be noted that the overbought RSI (14) joins an upward-sloping resistance line from late Wednesday to challenge the USD/JPY bulls near 150.00.

On the contrary, a convergence of the 50-SMA and immediate support line highlights the 149.89 level as the immediate key support.

USD/JPY: 15-minute chart

Trend: Limited upside expected

Looking at the D1 (daily) chart, the USD/JPY pair remains well above the six-month-old resistance-turned-support of 149.60, which in turn joins bullish MACD to direct buyers toward the August 1990 high near 151.65.

Following that, the mid-1990 peak around 155.80 will be in focus.

Alternatively, a daily close below 149.60, could drag the quote to September’s peak of 145.90.

USD/JPY: Daily chart

Trend: Limited upside expected

Overall, USD/JPY is ready to refresh the multi-year high by crossing the 150.00 immediate resistance. However, any further upside appears limited room unless crossing the 151.65 level.

Meanwhile, the sellers should wait for a clear break of 149.60 to take even intraday short positions.

 

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