Bulls look for a break of new 24-year high
The USDJPY is trading just ticks ahead of new 24-year high (145.90, posted on Sep 22) in European session on Tuesday.
Bulls regained traction after a quick pullback from 145.90 peak found firm ground just above psychological 140.00 support and nearly fully retraced 145.90/140.34 dip, setting scope for a break higher that would signal a continuation of larger uptrend and bring in focus key long-term barrier at 147.68 (1998 high).
Bullish technical studies support the action, however, bulls may face headwinds at 145.90 pivot and slow the pace, as daily stochastic is strongly overbought and bullish momentum is easing.
Shallow dips should be contained by rising 10DMA (144.84) to keep bulls intact, while break lower would weaken immediate bullish structure and signal prolonged consolidation.
Trendline support at 144.12 (bull-trendline off Aug 2 through at 130.39) marks pivotal support.
Res: 145.90; 146.90; 147.21; 147.68
Sup: 145.23; 144.84; 144.12; 143.52