• USD/JPY takes the bids to refresh multi-day high, up for the third consecutive day.
• Clear break of five-week-old hurdle favors buyers but overbought RSI challenges further upside.
• 50-DMA holds the gate for bear’s entry, 61.8% Fibonacci retracement acts as extra support.

USD/JPY bulls achieve yet another milestone as they knock the 20-year high with 132.30 level during a three-day uptrend to Tuesday’s Tokyo open.

The yen pair’s latest run-up could be linked to its ability to cross the double tops marked in April and May.

As a result, the quote’s latest upside eyed the 138.2% Fibonacci retracement of May’s downside, around 133.30. However, overbought RSI conditions seem to challenge the USD/JPY bulls afterward.

Should the quote rises past 133.30, the 161.8% Fibonacci retracement level and the year 2002 high, respectively near 134.50 and 135.20, will be in focus.

Alternatively, pullback moves remain elusive until staying beyond the previous resistance, near 131.30-40.

Following that, a pullback towards the 61.8% Fibonacci retracement (Fibo.) level of 129.45 can’t be ruled out. Even so, the USD/JPY bears remain cautious unless witnessing a daily closing below the 50-DMA level surrounding 127.75.

USD/JPY: Daily chart

Trend: Limited upside expected