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USDJPY starts a bullish week
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200-day SMA acts as strong support level
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MACD and RSI are turning up
USDJPY stormed higher after the bounce off the 200-day simple moving average (SMA) and the four-month low of 141.57.
Entering the 147.00 area has been a struggle as the penetrated ascending trend line is holding ahead of the 20- and the 50-day SMAs at 148.10 and 149.20 respectively. The RSI is still standing below its 50 neutral mark, gaining some pace, and the MACD oscillator is holding beneath its trigger and zero lines, weakening its bearish bias.
In the event the pair re-activates its uptrend above the broken trendline, the next target would be the short-term SMAs near 148.10 and 149.20. Even higher, the bulls might head for the 13-month peak of 151.90 before resting near the next psychological marks.
On the downside, the 200-day SMA has been guarding selling forces over the past two days. Hence, a step beneath that line at 142.40 might produce fresh negative volatility, likely squeezing the price towards the four-month low of 141.57. Another defeat could add more fuel to the bearish wave, bringing the 137.25-138.00 region under the spotlight.
Overall, USDJPY is sustaining an upward trend as it remains above the 200-day SMA. To attract new buyers, the pair will need to pierce through the 151.90 resistance.
