- USD/JPY clings to mild gains near the highest levels since mid-December 2022.
- Sustained break of 100-DMA favors bulls to keep the reins.
- One-month-old ascending resistance line adds to the upside filters.
USD/JPY buyers occupy the driver’s seat even as markets remain calm during early Wednesday, following a volatile end to Tuesday’s trading session. In doing so, the Yen pair makes rounds to the 137.40-50 area after rising to the highest levels since mid-December 2022.
It should be noted that the Yen pair’s latest run-up could be linked to a successful upside break of the 100-DMA hurdle. However, the 200-DMA level surrounding 137.45-50 restricts the quote’s immediate upside amid the overbought conditions of the RSI (14).
Even if the USD/JPY bulls manage to cross the stated key moving average, an upward-sloping resistance line from early February, near 138.35 by the press time, could challenge the pair’s further advances.
In a case where the Yen pair bulls ignore the RSI conditions and keep the controls past the aforementioned resistance line, the 50% Fibonacci retracement level of its downturn from October 2022 to January 2023, near 139.60, may act as an additional upside filter.
Meanwhile, the 38.2% Fibonacci retracement level and the 100-DMA, respectively near 136.70 and 136.25, restrict short-term USD/JPY downside.
Following that, a one-month-old ascending support line, near 135.45 at the latest, will be crucial for the bears to watch.
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