USDJPY has been gaining some ground in the short-term after its latest decline came to a halt at the 130.40 region. However, the recent price recovery has been repeatedly held down by the ascending 50-day simple moving average (SMA).
The momentum indicators suggest that near-term risks are tilted to the upside. Specifically, the stochastic oscillator is flatlining in its 80-overbought area, while the MACD histogram has jumped above its red signal line but remains in negative territory.
Should positive momentum strengthen and the price crosses above its 50-day SMA, initial resistance could be met at the recent peak of 135.57. Conquering this barricade, the bulls could then aim for the 137.55 barrier. An upside violation of the latter could set the stage for the 24-year high of 139.37.
Alternatively, if selling pressures arise, the pair could descend to challenge the 132.50 hurdle. Sliding beneath that floor, the recent low of 130.40 might be the next support zone for the price. Any further declines may then stall at the May low of 126.40 before the spotlight turns to 121.20.
Overall, USDJPY’s short-term picture appears to be constantly improving but the 50-day SMA has proved to be a tough resistance barrier for the bulls. Nevertheless, a drop beneath the 130.40 floor could shift the technical picture back to negative.
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