USD/JPY Price Analysis: Pierces short-term resistance line to refresh weekly top near 115.50

• USD/JPY extends bounce off 10-DMA to battle nearby key hurdle, bullish MACD signals add to the upside bias.
• Two-week-old support line, 50-DMA adds to the downside filters.

USD/JPY takes the bids to refresh intraday high near 115.50, also piercing a five-week-old resistance line heading into Tuesday’s European session.

The yen pair’s successful trading above 10-DMA, as well as bullish MACD signals, is likely to help buyers overcome the immediate hurdle surrounding 115.45 on a daily closing basis.

Following that, the late January peak surrounding 115.70 may test the upside momentum before directing USD/JPY bulls to the 116.00 threshold.

Should the pair buyers remain dominant past-116.00, the previous month’s high near 116.35 will be in focus.

Alternatively, the 10-DMA level of 115.00 restricts short-term USD/JPY downside ahead of a fortnight-old support line near 114.55.

It should be noted, however, that the quote’s weakness below 114.55 will be challenged by the 50-DMA level of 114.45, a break of which will welcome USD/JPY bears.

USD/JPY: Daily chart

Trend: Further upside expected