USDJPY trades near key 100 hour/50% retracement level
Greg Michalowski
While the EURUSD continues to move higher and trades to its highest level since January 18 and looked toward its 100 day moving average at 1.1430 (it traded up to 1.1397), the USDJPY is also been moving to the upside.
Looking at the hourly chart above, the price moved to and through both its 100 hour moving average and 50% midpoint of the 2022 trading range. Those levels come in at 114.905. The high price reached 114.969, but reversed back below those key levels and currently trades at 114.867.
The dual technical levels will continue to be a key barometer for the buyers and sellers today. Obviously the buyers have been able to push higher, but this level may give buyers more cause for pause. However, a break above would solicit more buying with the 115.03 to 115.113 as the next upside targets. The 61.8% retracement of the 2022 trading range.
On the downside, the rising 200 hour moving average at 114.65, would be support on a d support on a dip.
PS. Helping the upside, was the holding of the 114.14 to 114.196 area during yesterday’s trade (see red numbered circles). Bouncing off that level gave the buyers some hope. In the Asian session today, the momentum to the upside was increased and the rise led to higher and higher targets being broken.
Source: forexlive.com
