• USD/JPY remains pressured after reversing from three-week high.
• Bullish chart pattern, steady RSI keeps buyers hopeful.
• Weekly support line, 100-HMA add filters to the downside.

USD/JPY struggles to extend the previous day’s pullback around 129.80 during the initial hour of Tokyo opening on Friday.

In doing so, the yen pair bounce off the 50-HMA inside an immediate bullish pennant chart formation.

In addition to the 50-HMA and bullish pennant, RSI conditions also suggest the USD/JPY pair’s further upside.

However, a clear break of the 130.00 hurdle becomes necessary for the bulls to retake control.

Following that, the latest high near 130.25 and May’s peak around 131.30 could act as additional upside filters before directing the quote towards the 133.00 theoretical target.

On the contrary, the 50-HMA and the support line of the pennant pattern, respectively near 129.75 and 129.70, could challenge the pair’s pullback moves.

Also keeping buyers hopeful is the weekly support line surrounding 129.40, a break of which could direct USD/JPY bears towards the 100-HMA level surrounding 128.80.

USD/JPY: Hourly chart

Trend: Further upside expected