The USDJPY has raced higher on the back of the stronger US jobs report this morning, and in the process took out technical levels including a downslope trendline at 147.837, and swing highs for the week including the Monday high at 148.32.
The price rise has moved to another swing area between 148.449 and 148.59 and is finding some cause for pause ahead of the 2024 high at 148.80. That level is not only a high in 2024 but was a swing level going back in time as well.
So traders who are looking to take some profit into the weekend, may have found a level where the move higher may stall.
This article was written by Greg Michalowski at www.forexlive.com. Source