USD/JPY Price Analysis: Impending bear cross, support break probe buyers near 115.00

• USD/JPY seesaws around intraday high, snaps two-day losing streak.
• Bearish HMA cross, sustained break of one-week-old rising trend line keep sellers hopeful.
• Immediate support line to test bear’s re-entry, bulls remain unconvinced below 115.80.

USD/JPY stays firmer around the intraday top near 115.00, following the two-day downtrend. Even so, moving averages and chart pattern challenge the risk-barometer pair’s further upside ahead of Wednesday’s European session.

50-HMA is ready to pierce the 200-HMA from above, suggesting a bear cross and directing the USD/JPY prices lower.

Also supporting the hopes of a pullback is the pair’s sustained downside break of a one-week-old ascending trend line, around 114.95 by the press time.

That said, the quote’s weakness below 114.95 could easily renew the weekly low, currently around 114.70 while any further downside will be challenged by late February’s bottom surrounding 114.40.

Meanwhile, a convergence of the key HMAs and the previous support line, not to forget 50% Fibonacci retracement of February 24-25 upside, highlight 115.10 as a tough nut to crack for the USD/JPY bulls.

Should the quote rises past 115.10, odds of its run-up towards the recent swing high near 115.30 and then to late February’s peak of 115.76 can’t be ruled out.

USD/JPY: Hourly chart

Trend: Pullback expected