USD/JPY Price Analysis: Bulls approach monthly resistance line above 115.00

USD/JPY prints three-day rebound, pokes intraday high of late.

Bulls cross, firmer MACD keep buyers hopeful to overcome immediate hurdle.

Key moving averages, fortnight-old rising support line restrict short-term declines.

USD/JPY remains on the front foot for the third consecutive day, up 0.15% intraday around 115.35 heading into Monday’s European session.

In doing so, the yen pair justifies a bullish cross between the 50-SMA and 200-SMA amid firmer MACD signals.

However, the pair buyers need to cross a downward sloping trend line from January 04, near 115.50, to keep the reins.

Also acting as an important resistance is a horizontal line from January 11, near 116.00, a break of which will direct USD/JPY buyers towards the last month’s peak of 116.35.

On the flip side, 50-SMA and 200-SMA restrict the quote’s short-term declines around 115.00 and 114.85 in that order.

Following that, an upward sloping support line from January 24, near 114.55, will be crucial to watch.

Overall, USD/JPY bulls remain in the driver’s seat but with a bumpy road ahead.

USD/JPY: Four-hour chart

Trend: Further upside expected