USDJPY: The USDJPY is pushing to new session highs after breaking above the 38.2% retracement level at 153.959. The pair has now reached a high of 154.61, with buyers continuing to drive the price higher.
Currently, the pair is up 1.32% on the day, with buyers firmly in control. If the 50% retracement is tested, it may serve as an initial hurdle before further upside momentum can develop.
The pair is now testing resistance in the 1.0371–1.0381 swing area. A break above this zone could trigger further upside momentum, with the next target at 1.0405—the midpoint of the trading range since 2022.
If the price stalls at this resistance zone, the 100-hour and 200-hour moving averages will act as key support, while 1.0371–1.0381 remains a crucial barrier for buyers to overcome.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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