• USD/JPY picks up bids to print mild gains around 24-year high.
• Bearish candlestick, overbought RSI (14) signal pullback moves amid sluggish session.
• Ascending trend line from April, June 1998 high lure the bulls.
• Sellers need validation from a three-week-old ascending support line.

USD/JPY bulls seem running out of steam at the highest levels since 1998 during Monday’s Asian session. That said, the Doji candlestick and overbought RSI (14) appear to challenge the yen pair’s upside momentum near 140.35 by the press time.

It’s worth noting, that the pullback moves may aim for the July month top near 139.40.

Even so, the sellers are likely to remain away unless witnessing a clear downside break of the three-week-old support line, at 138.65 by the press time.

In a case where the USD/JPY prices decline below 138.65, the 20-DMA and the early August swing high, respectively around 136.60 and 135.55, will be in focus.

On the contrary, an upward sloping resistance line from late April, close to 144.50 by the press time, appears immediate hurdle for the USD/JPY bulls to watch during the further upside moves.

Also acting as the resistances are the highs marked during July 1998 and October 1998, close to 146.80 and 147.70 in that order.

USD/JPY: Daily chart

Trend: Pullback expected