Title : USD/JPY Price Analysis: Rises to fresh high since 1998, bulls eye 147.00

OCT 12, 2022 10:39 PM ET

By:AnalysisWatch

The USD/JPY bulls are on a roll and retested the multi-year high near 146.40 early Wednesday, extending their winning streak to six days.

In doing so, the yen pair ignores the near overbought conditions on the RSI as it takes cues from the impending bullish crossover on the MACD and sustained break of the previous high around 145.90.

It should be noted that the latest price rise is targeting a monthly resistance line around 147.00. However, further upside appears difficult for the pair due to the convergence of the late April rising resistance line and the Fibonacci expansion (FE) of 100% of the April-August moves near 148.60. Also acting as a bullish filter is the August 1998 high near 147.70.

Meanwhile, support from three weeks ago and the 10-DMA restrain USD/JPY's near-term decline to 145.30 and 145.0, respectively.

After that, the September low at 140.35 and July high at 139.40 will be important for the bears.

However, the bearish bias remains elusive until the price holds beyond the August low near 140.30.