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Title: USD/JPY Price Analysis: Further upside hinges on 135.55 break

August 18, 2022 02:10 AM ET

By: AnalysisWatch

Early Thursday morning in Europe, the USD/JPY pair recorded rising prices and reached new daily highs of around 135.20.

With this, the yen pair rises for the third consecutive day, justifying the upward break of the descending resistance line from mid-July the previous day, which is now at 134.00.

The strongest bullish signal since late June also gives buyers hope.

However, the 50-day moving average and a horizontal area composed of several levels marked since July 22 at 135.40 and 135.50-55, respectively, seem to be a tough nut to crack for USD/JPY buyers.

Following that, a northward run towards the June monthly high at 137.00 is imminent.

If USD/JPY prices remain firmer than 137.00, the July high for the year at 139.40 comes into focus.

Alternatively, pullback moves remain inconspicuous as long as they do not go beyond the line that becomes resistance at 134.00.

Nevertheless, the convergence between the two-week-old ascending trendline and the 50% Fibonacci retracement level of the May-July uptrend at 132.90-85 becomes an important support, the break of which would confirm the ascending triangle chart pattern.

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