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USD/JPY Price Analysis: 5-day SMA again caps gains

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The USD/JPY pair is struggling to penetrate the 5-day Simple Moving Average (SMA) hurdle for the 2nd straight day.

The pair is presently buying and selling close to 103.55, having faced rejection at the descending 5-day SMA of 103.63 a few minutes ago.

A smash above the SMA hurdle would expose the top cease of the falling channel represented with the aid of trendlines connecting Jan. 11 and Jan. 19 highs and Jan. thirteen and Jan. 21 lows. The channel resistance is viewed at 103.95 at press time.

A shut greater would verify a breakout and sign a continuation of the recuperation rally from the Jan. 6 low of 102.59 and permit a re-test of 104.40 (Jan. eleven high).

On the downside, Thursday’s low of 103.33 is the stage to beat for the sellers.

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