USD/JPY Price Analysis: Bulls struggle below 20-day SMA inside rising wedge pattern

• USD/JPY prints minor looks for some direction on Tuesday in the European session.
• More upside for the pair on the cards, if price breaks 20-day SMA.
• Momentum oscillators hold onto the oversold zone with a neutral stance.

USD/JPY treads water on Tuesday in the European session. The pair hinges near the daily resistance around 109.90.

At the time of writing, USD/JPY is trading at 109.87, up 0.02% so far.

USD/JPY daily chart

On the daily chart, the USD/JPY pair makes an effort to break above 109.90 inside the rising wedge pattern.

A break of the session’s high could make the price push higher toward the high of September 3 at 110.07.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone with a bullish crossover. Any uptick in the MACD would testify the 110.30 horizontal resistance zone back into action.

Next, the USD/JPY bulls would make effort to capture the high made on September 1 at 110.42.

Alternatively, If price moves lower, it could crawl back to the low made on September 3 at 109.50.

A daily close below a would confirm the downside movement to continue toward the 109.30 horizontal support level.

Next, the market participant would aim for the 108.95 horizontal support level.

USD/JPY additional levels