USDJPY – Bulls Show Signs of Fatigue Near Key Resistance but Maintain Control
The strong three-day rally began to lose momentum on Tuesday, with the daily chart forming a long-legged Doji candle—typically a sign of market indecision.
Bullish momentum showed signs of fatigue after the pair retraced over 76.4% of the 149.18–145.85 downswing, stalling just below the key resistance at 149.18 (July 16 high), where fresh headwinds emerged.
An overbought daily Stochastic adds to the signals of a potential pause or pullback. However, the broader daily outlook remains firmly bullish, suggesting that a period of consolidation or a shallow correction may come before bulls attempt another push higher.
A break above 149.18 and the 200-day moving average at 149.53 would pave the way toward the psychological 150 level.
On the downside, any pullbacks are expected to find support around the 147.70/50 zone (10DMA / 38.2% Fibonacci of the 145.85–148.75 rally), preserving the bullish structure.
Res: 148.75; 149.18; 149.53; 150.00
Sup: 148.06; 147.65; 147.50; 147.30
