The USDJPY has lifted back to the upside and is back above the 159.00 level after the stronger-than-expected S&P/global manufacturing and services index flash data. The high price traded up to 159.206. That gets it to 100 pips short of the 2024 high price at 160.208. That I was the highest level going back to 1991 the price high reached 160.40.
Looking at the 5- minute chart below, the price has been trading above and below its 100 and 200-bar moving averages in trading today.
However, the last two dips did find support buyers against those moving averages at 158.916. That increases the levels importance going forward at least in the short term.
As long as the price can stay above the short-term bias is more bullish. If the price moves below be prepared for buyers turning to sellers in the short term at least.
This article was written by Greg Michalowski at www.forexlive.com. Source