USD/JPY treads water above 145.00 near the nine-day EMA

• USD/JPY is experiencing strength due to the positive tone around the Asian equity markets.
• Nine-day EMA acts as the barrier following the 146.00 psychological level.
• Momentum indicators suggest the bullish bias of USD/JPY traders.

USD/JPY trades higher around 145.10 at the time of writing during the Asian session on Thursday, recovering losses from the previous day. The pair is cheering up the positive sentiment around the Asian equity markets. However, the Greenback faced downward pressure due to the downbeat US PMI data released on Wednesday.

The pair could face resistance around the nine-day Exponential Moving Average (EMA) at 145.22, following the 146.00 psychological level. A firm break above that level could support the USD/JPY pair to explore the area around the weekly high at 146.40.

On the downside, the 23.6% Fibonacci retracement at 144.36 appears to be the immediate support, followed by the 21-day EMA at 14.24. A breakout below that level could open the doors for the pair to navigate the area around 38.2% Fibo at 143.00.

The 14-day Relative Strength Index (RSI) remains above 50, which suggests a bullish bias of the USD/JPY traders. In the short term, the outlook remains bullish as long as the Moving Average Convergence Divergence (MACD) line stays above the centerline and the signal line.

USD/JPY: Daily Chart