USD/JPY Inches Up but Bearish Clouds Loom Near 143

The USD/JPY pair nudged higher on Tuesday, flirting with the 143 mark as it carved out modest gains within its daily range. While the uptick offers a flicker of optimism ahead of the Asian trading session, the broader technical landscape remains shrouded in bearish signals, casting doubt on the sustainability of this rebound.

Technical indicators paint a mixed picture, reflecting the pair’s indecisiveness. The Relative Strength Index (RSI) hovers at 32.19, teetering near oversold territory but not yet signaling a clear reversal. The MACD, meanwhile, underscores persistent downside momentum with its bearish crossover firmly intact. However, a glimmer of hope emerges from the Williams Percent Range, which sits at -88.24, hinting that the pair may be oversold and primed for a short-term bounce. The Ultimate Oscillator, lingering at a neutral 52.72, refuses to tip the scales in either direction.

Despite the intraday uptick, moving averages tell a story of unrelenting selling pressure. The 10-day exponential and simple moving averages, at 145.47 and 145.79, act as stubborn ceilings for any near-term rallies. The longer-term picture is even grimmer, with the 20-day, 100-day, and 200-day moving averages—at 147.81, 152.02, and 150.77, respectively—sloping downward, reinforcing the dominant bearish trend.

For now, USD/JPY faces a tug-of-war between support at 142.41 and resistance levels looming at 145.79 and 146.62. While the pair’s slight advance keeps bulls hopeful, the technical backdrop suggests that bears still hold the upper hand, making any breakout a tough battle.