The USDJPY moved lower in the Asian/European morning session and in the process tested the ceiling high from 2024 between 148.80 and 148.88. The low price got within four pips of the high of that swing area before rotating back to the upside. Holding that support, kept the buyers in firm control. Going forward, it would take a move below that level to shift the technical bias more to the downside.
On the top side, the next target comes against the high price from last Friday at 149.569. Move above that level and there is a swing area from the daily chart between 149.70 and 150.158 (see video above).
This article was written by Greg Michalowski at www.forexlive.com. Source