Title: USD/JPY Price Analysis: Snaps 10-day uptrend as bears approach 143.00

September 9, 2022 12:04 AM ET

By: AnalysisWatch

During Friday's Asian session, the USD/JPY pair remained under pressure around an intraday low near 143.60. In doing so, the yen pair recorded its first daily loss in 11 days while extending the mid-week pullback from the 24-year high.

However, sellers need validation of a sustained downside break of a four-day bullish pennant support line around 143.50 at press time to regain control.

The pair is likely to experience a short-term decline given the sustained trading below the 50-HMA and the recently declining RSI, which is not oversold.

Even so, the 100-HMA and an upward sloping support line from August 26 near 142.65 and 142.20, respectively, could challenge the USD/JPY bears before giving them power.

On the other hand, buyers may initially struggle to break through the 50-HMA resistance near 144.00, but major attention will be paid to confirming the bullish pennant by breaking through the 144.15 barrier.

Then, the recent multi-year high near 145.00 could serve as an intermediate stop while approaching the highs marked in June and August of 1998, near 146.80 and 147.70 in that order.

Overall, USD/JPY is likely to experience a short-term pullback, but the uptrend remains intact.