USDJPY moves to new session highs and in doing so, moves closer to a key technical target

The USDJPY is moving to a new session high in the process is testing a target at 147.147 and also getting closer to a key technical target on the top side. A technical level is defined by the 100-day moving average and the 61.8% retracement of the move down from the November 2023 high. Both those levels come in at 147.45.

Should the momentum continue for the USDJPY, keep the target resistance in mind. Traders may look to take profit against that level and also put on new positions in hopes that the price corrects lower after the move higher seen recently.

This article was written by Greg Michalowski at Source