USD/JPY Price Analysis: Bulls struggle at 32-year high near 150.00
- USD/JPY renews the multi-year high but struggles to overcome 150.00 hurdle.
- Overbought RSI challenge the further upside towards the late 1990 top.
- Previous resistance line from April restricts the immediate downside.
- Bears should wait for 149.60 before taking entry.
USD/JPY buyers keep the reins between the 149.90 and 149.95 area ever since the yen pair refreshed the 32-year during early Thursday.
It should, however, be noted that the overbought RSI (14) joins an upward-sloping resistance line from late Wednesday to challenge the USD/JPY bulls near 150.00.
On the contrary, a convergence of the 50-SMA and immediate support line highlights the 149.89 level as the immediate key support.
USD/JPY: 15-minute chart
Trend: Limited upside expected
Looking at the D1 (daily) chart, the USD/JPY pair remains well above the six-month-old resistance-turned-support of 149.60, which in turn joins bullish MACD to direct buyers toward the August 1990 high near 151.65.
Following that, the mid-1990 peak around 155.80 will be in focus.
Alternatively, a daily close below 149.60, could drag the quote to September’s peak of 145.90.
USD/JPY: Daily chart
Trend: Limited upside expected
Overall, USD/JPY is ready to refresh the multi-year high by crossing the 150.00 immediate resistance. However, any further upside appears limited room unless crossing the 151.65 level.
Meanwhile, the sellers should wait for a clear break of 149.60 to take even intraday short positions.