USD/JPY Price Analysis: Refreshes multi-year high as bulls approach 135.15-20 hurdle

• USD/JPY crosses a three-day-old horizontal hurdle to refresh 20-year high.
• Overbought RSI, peak of 2002 challenge buyers around multi-year top.
• Fortnight-old ascending trend line, 10-DMA restrict pullback moves.

USD/JPY takes the bids to refresh a two-decade high around 135.00 during Monday’s Asian session.

The yen pair’s latest upside could be linked to the broad US dollar strength, as well as the quote’s ability to cross the three-day-old resistance around 134.75-80.

It should be noted, however, that overbought RSI (14) and the year 2002’s high surrounding 135.15-20 could challenge the USD/JPY bulls.

If at all the quote rises past 135.20, the late 1998 highs around 137.50 and the 140.00 psychological magnet could lure the pair buyers.

Meanwhile, the resistance-turned-support around 134.75-80 restricts the yen pair’s immediate downside ahead of an ascending support line from late May, around 133.85 by the press time.

Following that, the 10-DMA level near 132.20 and May’s top near 131.30 should be watched carefully.

Overall, USD/JPY bulls approach short-term key hurdles with the RSI conditions challenging further upside.

USD/JPY: Daily chart

Trend: Limited upside expected