• USD/JPY picks bids to pare recent losses inside a short-term triangle.
• Multiple key hurdles to the north, sluggish oscillators suggest further grinding.
• Bears need validation from 132.30 to retake control.

USD/JPY regains upside momentum, after snapping two-day advances the previous day, even as the yen pair seesaws inside a short-term triangle around 133.50 heading into Tuesday’s European session.

In addition to the three-week-long symmetrical triangle, sluggish MACD and RSI (14) also suggest further hardships for the latest USD/JPY run-up.

That said, the 100-SMA adds strength to the stated triangle’s resistance line and challenges bulls around 134.25.

Following that, the 200-SMA level near 135.60 will be a crucial hurdle to cross for the USD/JPY buyers before targeting the mid-July swing high surrounding 139.40 and the 140.00 psychological magnet.

Alternatively, the pullback move remains elusive until the quote stays beyond the stated triangle’s support line, at 133.00 by the press time.

It’s worth noting, however, that multiple swing lows around 132.30 could act as extra filters to the south to watch for USD/JPY bears.

Overall, USD/JPY is likely to keep the latest range-bound moves unless crossing the 200-SMA hurdle. Also likely to limit the yen pair’s action are the sluggish yields.

USD/JPY: Four-hour chart

Trend: Further downside expected