USD/JPY Price Analysis: 200-HMA probes recovery moves near 137.00

• USD/JPY fades bounce off one-week-old ascending support line.
• Looming bull cross on MACD teases buyers but 13-day-old downward-sloping trend line appears the key hurdle.
• Weekly horizontal region acts as an extra filter towards the south.

USD/JPY grinds near the intraday high surrounding 137.00, retreating of late, as buyers jostle with the 200-HMA during early Thursday.

In doing so, the Yen pair struggles to extend the early-day rebound from a weekly support line, around 136.30 by the press time.

However, the impending bull cross on the MACD indicator suggests the USD/JPY pair’s upside past the immediate hurdle comprising the 200-HMA near 137.00.

Even so, the pair buyers remain confused unless the quote trades below a descending resistance line from November 21, close to 137.55 at the latest.

The weekly high of 137.85 also acts as an additional upside filter, a break of which could quickly propel the USD/JPY prices towards the November-end swing high near 139.90.

On the flip side, USD/JPY sellers may remain confused unless providing a clear break of an immediate support line, close to 136.30, as well as a one-week-old horizontal support region near 135.95-85.

Following that, a south-run towards the monthly low near 133.60 can’t be ruled out.

Overall, USD/JPY is likely to witness a corrective bounce but the upside room appears to be limited.

USD/JPY: Hourly chart

Trend: Limited upside expected