The USDJPY moved to a new 2023 hi today taking out the high from Friday’s trade at 143.866. However the break was only good for about 8 pips before rotating back to the downside. The most recent hourly bar has returned back to the highest, but is finding some sellers leaning against the high for the day at 143.938.
Having said that, the buyers still remain in firm control. Last week the price tested its 100-hour moving average on a number of different occasions, and each time, buyers leaned against the moving average level and pushed higher. That moving average is currently at 142.965. Closer support might be eyed near 143.446 which was a swing high intraday on Friday.
This article was written by Greg Michalowski at www.forexlive.com. Source