USDJPY extends above retracement level
The USDJPY has continued its run to the upside getting above the 61.8% retracement of the move down from the 2022 hi. That level comes in at 142.49. The current price is trading at 142.68 after reaching a high price of 142.754.
Close support will now be at the 61.8% retracement level (at 142.49). More conservative support would be at the swing high going back to November 11, 2022 at 142.246.
Recall, the high price from Tuesday’s trade stalled right at that level. Yesterday the price tried to break above that level but could not sustain momentum..
See earlier video HERE for more details from a technical perspective.
This article was written by Greg Michalowski at www.forexlive.com. Source