USDJPY moves to new session highs. Moves above swing area

The USDJPY is moving to new at session highs, and in the process as extended above the swing area between 149.70 and 150.158. Yields in the US have turned around and are now higher on the day. The two year yield is at 4.642% up 3.0 basis points. The 10 year yield is up 2.4 basis points at 4.30%.

At 1 PM today, the U.S. Treasury will auction off 20-year notes. At 2 PM, the FOMC meeting minutes will be released.

Looking at the 4-hour chart, the high price for the week reached 150.43. Getting above that high would break the string of lower highs going back to last week’s trading, and will have traders looking toward the 150.75 area. It would also take the price above the downslope trendline from the recent highs.

The high for the year reached 150.88 during last week’s trading (after US CPI data), and that would be another target ahead of the noise from November between 151.41 and 151.89.

This article was written by Greg Michalowski at Source