The USDJPY moved lower in trading yesterday and in the process tested its 100-hour moving average, finding support buyers there. In the Asian session today, the 100-hour moving average was again tested, and once again found buyers giving the go-ahead to push the price to the upside. That 100-hour MA is now key support. Stay above is more bullish (see chart below)
The high price today has so far stalled ahead of the high price from yesterday which reached 142.247. That high from yesterday is a key target as it tested the highs going back to November 2022 at 142.246 (watch the video above to see that key level).
If the price were to extend above that 142.246 level, and then the 61.8% retracement of the trading range from the 2022 high to 2023 low at 142.49 (see video), it would open the door for further gains and a more bullish technical bias for the pair.
The technical levels are defined. Buyers are in control. Can they increase that control with a break of key target resistance?
This article was written by Greg Michalowski at www.forexlive.com. Source