The USDJPY has moved up toward the 2024 hi at 150.87 on two separate occasions today. The first attempt stalled and the price rotated back down to retest its 100-hour moving average (currently at 150.532).
The second run to the upside occurred in the US morning session and it moved up once again toward that February hi at 150.87. Once again the sellers have leaned against that level. The current price trades at 150.65 (as I type).
Going forward, it will take a move above the ceiling to increase a bullish bias. If so, the 2023 and 2022 high prices near 151.90 would be targeted.
Conversely, on the downside, the 100 hour moving average remains as a target support/bias-defining level. Moving below there could be increased disappointment in the USDJPYs inability to extend above 2024 highs.
This article was written by Greg Michalowski at www.forexlive.com. Source