top of page

Title: USD/JPY Price Analysis: Bulls ignore overbought RSI to aim for fresh 24-year high near 144.60

Writer's picture: analysiswatchanalysiswatch

September 7, 2022 12:01 AM ET


By: AnalysisWatch


USD/JPY is trading around 143.50 after hitting its highest level since 1998 during Wednesday's Asian session. In doing so, the yen pair is having fun breaking the monthly bullish channel to the upside while ignoring overbought conditions on the RSI.


That said, the higher-lower formation keeps USD/JPY buyers hoping to refresh the yearly high.


In doing so, an upward-sloping resistance line since late April near 144.60 is getting all the attention.


If USD/JPY buyers continue to rush north of 144.60, the highs marked in June and August of 1998, near 146.80 and 147.70, respectively, will be in their sights.


At the same time, pullbacks must be validated by the resistance line turned support of the indicated channel, around 142.60 at press time.


After that, the southward trajectory could target the 140.00 threshold. However, USD/JPY bears will need a clear downside break of the 139.40 support confluence, including the lower line of the indicated channel and the July high, to regain control.


Overall, USD/JPY is poised to retest the multi-year high, but there is limited room for improvement.


2 views0 comments

Comments


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page