The USDJPY remains in an up-and-down market as the day moves toward the close. The price is marginally higher now and tests the 100 hour MA at 151.39. The highs from earlier today did get above those levels, but could not sustain the upside momentum When the price is in a sideways environment waiting for the next shove (higher or lower), the price can have ups and downs around the MAs. The 100 hour MA is also moving sideways indicative of the non-trending environment.
Having said that, if the price can extend above the 100 hour MA, the bias does shift more in favor of the buyers. The door would open toward the highs (assuming the price remains above that MA level.
This week the high reached 151.967. That briefly took the price to the highest level since 1990 and extended above the 2023 high at 151.91 and the 2022 high at 151.94. That area remains a key target to get to and through as well.
On the downside, the low price yesterday and Friday came in around 150.997 (call it 151.00). That would be the first level to get to and through.
Below that and traders will look toward the swing high ceiling area from mid-February to early March that comes in at 150.72 to 150.88 (see green numbered circles). The 38.2% of the move up from the March 18 consolidation low is in that area at 150.796. Gettting below that minimum retracement is required to show the sellers are semi-serious about correction lower. Absent that and the buyers are still firmly in control.
This article was written by Greg Michalowski at www.forexlive.com. Source