USDJPY moves back toward unchanged on the day

The USDJPY traded lower in the US session (see 4-hour chart above), but did find support near the high of a swing area between 144.898 and 145.07. The low price for the day reached 145.10.

The price has rebounded back toward the close from yesterday at 145.54. Of significance is that the price of the USDJPY has been up for 6 consecutive days. During that time the price has moved up from 141.50 up to a high of 145.859. The closing level should be a barometer for bullish above/bearish below. With a price and trading right around the level, buyers and sellers are currently battling it out for intraday/short-term control.

Taking a broader look at the daily chart below, the high price today got within 4 or so pips of the high of a swing area going all the way back September through November 2022. During that time there were a number of swing highs and lows between 144.984, and 145.90.

The low price today got within 12 pips of the low of that swing area. The high price got within 4 pips of the high of that swing area.

See earlier video on the USDJPY:

This article was written by Greg Michalowski at Source