USD/JPY Gains Momentum around 136.00 Amid a Three-Day Rising Streak
The USD/JPY pair is trading higher around the 136.00 mark, maintaining a three-day upward trajectory and hitting a one-week peak during early Monday trading.
The USD/JPY pair is trading higher around the 136.00 mark, maintaining a three-day upward trajectory and hitting a one-week peak during early Monday trading.
In the process, the currency pair applauds the recent successful breach above a flat zone encompassing various levels noted since April 28, near the 135.50 region, in addition to a successful break above the 200-Hour Moving Average (HMA) level close to 134.90.
However, a horizontal resistance line stretching over 11 days, coupled with an overbought RSI (14) line and lackluster MACD indicators, challenge the USD/JPY bulls beneath the 136.40-45 resistance zone.
In the event that buyers overlook these bearish signals, there is a possibility of a surge towards the previous month’s high of approximately 137.80 and the annual peak registered in March near 137.90, swiftly followed by the 138.00 benchmark.
Conversely, a break below the mentioned HMAs, in the 134.90-80 vicinity, does not necessarily invite USD/JPY bears, as a rising support line from April 26, around 134.00, could offer a final stand for buyers.
In conclusion, USD/JPY may experience further gains, but upward potential seems constrained.
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