USD/JPY Battles With 200-Day SMA Near 152.00
2024.12.11 07:44
- USD/JPY remains below short-term uptrend line.
- Bullish doji candle proved true.
- Stochastic rallies occur in overbought area; RSI flattens.
is fighting with the significant 200-day simple moving average (SMA) around 152.00, trying to extend its bullish move that started after the bullish doji candle on December 3.
Momentum indicators are pointing to a neutral-to-positive bias in the short term, with the RSI just near the 50 level and the stochastic oscillator rising in overbought territory.
If prices continue to head higher, resistance should come from the 20-day SMA near the 152.40 mark. A move higher could reach 153.25, the inside swing low, and open the way to the three-and-a-half-month high of 156.75, which would reinforce the short-term bullish view.
However, should a downside reversal take form again, immediate support would likely come from the 151.10 ahead of the one-month trough at 148.63 A break lower could send traders towards the 146.50-147.15 region.
All in all, USD/JPY is still standing beneath key levels such as the short-term uptrend line and the 200-day SMA. The pair needs some more boosts from the market to continue the upside tendency.
