USD/JPY Price Analysis: Bulls attack monthly hurdle surrounding 136.00

• USD/JPY picks up bids to snap two-day downtrend.
• Multiple levels marked since December 01 restrict immediate upside.
• Receding bearish bias of MACD signals further recovery.
• 100-SMA acts as the last defense USD/JPY bears.

USD/JPY clings to mild gains during the first daily positive in three around 135.80 heading into Thursday’s European session. In doing so, the yen pair portrays recovery from a two-week-old ascending trend line while poking a resistance area comprising multiple levels marked since early December.

Given the recently easing bearish bias of the MACD, coupled with the quote’s rebound from the short-term key support line, the USD/JPY may witness further advances.

However, a clear upside break of the 135.80-136.00 area becomes necessary to convince the pair buyers. Even so, the 100-SMA level near 137.15 could challenge the Yen pair recovery.

In a case where the USD/JPY bulls manage to keep the reins past 137.15, a run-up towards the late November swing high near 139.90 and then to the 140.00 round figure can’t be ruled out.

On the contrary, pullback moves need to break the aforementioned support line, near 134.60 at the latest, to recall the USD/JPY bears. Following that, a fall toward the monthly low near 133.60 appears imminent.

Should the USD/JPY pair remains bearish past 133.60, the south-run could aim for the August month’s low near 130.40.

USD/JPY: Four-hour chart

Trend: Limited upside expected