The USDJPY has been waffling up and down since the run higher after the US CPI on February 13. Since then the price has rotated between 150.88 down to 149.52, with the price action even more contained this week.
That range this week found support buyers near the low of a swing area near 149.70 on Tuesday and has been building higher. Today, the price action is a little lower in the Asian session but still above the high of the swing area near 150.158. That level is joined by the converged 100 and 200-hour MAs just above that level at 150.17.
So today and going forward, the 150.15 is shaping up as a key short-term bias/risk defining level. Staying above is more bullish. Move below, there is still the low of the swing area at 149.70, but the bull starts to be eroded from the market bias.
Find out more in the video above….
This article was written by Greg Michalowski at www.forexlive.com. Source