USD/JPY Price Analysis: Overbought RSI prods bulls at yearly high around 143.00 USDJPY Technical Analysis ChartPatterns RelativeStrength RiskAversion
pauses the previous two-day uptrend amid an overbought RSI line. Adding strength to the quote’s latest inaction could be the cautious mood ahead of the US PMIs and fears of the US recession. It’s worth noting that the risk-barometer pair also takes clues from Japan’s mixed inflation data and downbeat PMIs.Even if the RSI line prods the USD/JPY buyers with a two-month-old rising wedge bearish chart formation, the quote’s successful break of the 61.
It’s worth noting, however, the aforementioned wedge’s top line, around 144.00 by the press time, will challenge the USD/JPY pair’s further upside. In a case where the Yen pair crosses the 144.00 hurdle, it defies the bearish chart pattern. Though, the October 2022 low near 145.10 can act as the last defense of the bears.
On the contrary, a downside break of the stated key technical level around 142.50, also known as the golden Fibonacci ratio, can direct the USD/JPY bears towards confirming the rising wedge bearish chart pattern, by poking the 140.80 support. While a clear downside break of 140.80 suggests the USD/JPY pair’s theoretical south-run towards 131.00, the 21-DMA and the 200-DMA, respectively near 140.50 and 137.20, will act as extra checks for the sellers.
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