Title: USD/JPY Price Analysis: Friday’s Doji, overbought RSI probe bulls at 24-year high above 140.0

September 5, 2022 12:01 AM ET

By: AnalysisWatch

The bulls in the USD/JPY pair appear to be running out of steam at the highest levels since 1998 during Monday's Asian session. That said, the Doji candlestick and overbought RSI (14) appear to be challenging the yen pair's bullish momentum near 140.35 at press time.

It should be noted that pullbacks could target the July high near 139.40.

Even so, sellers are likely to stay away unless they see a clear break of the three-week-old support line at 138.65 at press time.

If USD/JPY prices fall below 138.65, the 20-DMA and early August highs, both around 136.60 and 135.55, will be in focus.

On the contrary, at press time, an upward-sloping resistance line from late April near 144.50 appears to be an immediate hurdle for USD/JPY bulls to watch for on further upward moves.

The July 1998 and October 1998 highs, near 146.80 and 147.70 in order, also act as resistance.