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​Technical Analysis: 200-bar SMA, fortnight-old rising trendline question USDJPY sellers

USDJPY fails to hold onto recovery gains that, together with overbought RSI conditions, signal the pair's likely drop to the short-term rising trend line and 200-bar SMA around 108.75 and 108.55 respectively. However, the pair's further weakness below 108.55 might take a rest on 61.8% Fibonacci retracement a break of which could recall the early-month top near 106.00.

On the upside, the bulls are less likely to enter unless the pair crosses the recent high of 111.50. In doing so, February 2020 high around 112.25 will be on the buyers' radars. In a case where the prices remain strong beyond 112.25, the previous year high near 112.40 holds the key to the pair's run-up to 113.00.

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