USDJPY pushes toward first resistance — cluster of key levels looms ahead | Forexlive
USDJPY technicals
The USDJPY has rebounded from recent lows and is now stretching toward the first upside target zone — the high of a swing area and the 200-bar MA on the 4-hour chart near 144.097. This level marks the beginning of a cluster of closely stacked technical resistance levels that could slow or stall further upside momentum.
Above 144.097, traders will be watching the 50% retracement of the May range at 144.257, followed by the 100-hour moving average at 144.44. That MA has been declining and remains a barometer for short-term bias.
Should bullish momentum continue, additional upside targets include the broken 38.2% retracement at 145.289 and the 200-hour moving average at 145.625. Each of these levels represents a technical hurdle that could either attract sellers or fuel continuation if broken.
Conversely, if the sellers can lean here, that would keep the sellers more in control and have traders looking to the bottom of the swing area at 143.57 again followed by the 61.8% of the move up from the April low at 143.225. The price did break below that retracement level earlier today but found buyers near swing lows from May.
Key technical levels ahead:
RESISTANCE
-
144.097 – Swing high & 200-bar MA (4-hour)
-
144.257 – 50% retracement of May range
-
144.44 – Falling 100-hour MA
-
145.289 – Broken 38.2% retracement
-
145.625 – 200-hour MA
SUPPORT
- 143.57 – Low of swing area
- 142.72 – 142.90 – Swing lows from May 7
- 142.33 – Low for May
Buyers have momentum for now, but the cluster of resistance between 144.10 and 145.63 will be the true test of control. Holding below these levels could invite renewed selling pressure.
ForexLive.com
is evolving into
investingLive.com, a new destination for intelligent market updates and smarter
decision-making for investors and traders alike.