USDJPY is struggling to gain the strong positive momentum after its fast rebound from the 140.30 support level. However, the market is holding above the 20- and 50-period simple moving averages (SMAs) with the technical indicators confirming the recent bullish bias. The RSI is heading north, approaching the overbought region, while the MACD is surpassing its trigger line in the positive zone.
A close above the 144.90 barrier will brighten the broader outlook, pushing the price towards the 24-year high of 145.90. Beyond that, the rally may gear up to the 147.00 psychological mark, registered in June 1998.
Should selling forces strengthen, the 20-period SMA at 144.55 will come under the spotlight before hitting the 50-period SMA at 144.05 and the 143.90 support, taken from the latest lows. Moving lower, the 141.75 barrier could next add some footing ahead of the 200-period SMA at 141.12.
In brief, USDJPY is facing a weakening bullish bias, where a drop below the near-term SMAs is expected to enhance selling interest.
