Title: USD/JPY Price Analysis: Bulls proceed on the bumpy road to 145.00

September 15, 2022 01:32 AM ET

By: AnalysisWatch

USD/JPY took the lead to refresh daily highs near 143.55 ahead of Thursday's European session. In doing so, the yen pair reverses the previous day's pullback within a week-old triangle formation.

Given the impending bullish crossover in the MACD and the continuation of the quote above the 50-SMA, USD/JPY prices should remain firmer.

However, the 10-SMA and a weekly horizontal resistance zone near 143.60 and 144.10-20, respectively, could challenge the yen pair's intraday rise.

Then, double tops around the 145.00 threshold will attract market attention before the 61.8% Fibonacci expansion (FE) from Aug. 30-Sept. 09 moves to near 145.80.

In the event that USD/JPY prices remain firmer above 145.80, the 146.00 round figure could test the bulls before directing them to the theoretical target of the double top breakout near 148.50.

Meanwhile, the 50-SMA and the declared triangle support line near 142.90 and 142.00 in that order limit the pair's short-term downside.

Even if the price of USD/JPY falls below 142.00, the weekly low near 141.65 could act as an additional downside filter.