In the morning video, I spoke about the 50% midpoint of the move up from the January 2023 low at 144.581. The price has been trading above and below that level over the last 1-2 months, but the run higher this week has returned back to the level, and that gives traders an option:
- Lean against the midpoint level (i.e. sell)
- Break above, and go higher like it did last month.
THe high price today just reached 144.489 just under 10 pips away from that midpoint level.
Fed’s Waller’s comments have now helped to push the USDJPY price lower. Also in the morning video, I spoke about the 50% midpoint of the September trading range. That level comes in at 143.385 which is also at the low of a swing area up to 143.79. The price is still above that swing area but moving into that level will have traders looking down toward that midpoint.
Remember the USDJPY has had fairly large trading ranges. So although the price is still 50 pips away from the lower extreme, it’s an fairly easy target. Can the sellers keep the momentum going and get below that midpoint level. If so we should to further downside probing.
This article was written by Greg Michalowski at www.forexlive.com. Source