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USDJPY trades (mostly) within the confines of yesterday's trading range

Started by forex4you, Apr 23, 2022, 11:41 am

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USDJPY trades (mostly) within the confines of yesterday's trading range

USDJPY is a stop between swing levels (38.2% retracement)   The USDJPY in the Asian session moved up to test the swing highs from yesterday's trade between 128.63 and 128.70. The high price today reached 128.685. Sellers leaned against the high, and the price rotated back to the downside The move lower in the late Asian session saw the USDJPY move below the 100 hour moving average (blue line) for the first time since April 14.   Recall from that day on April 14, the price did extend below the 100 hour moving average but only briefly and only shortly. That moving average currently comes in at 128.097. The low price today moved down to 129.73. That was just below the low from yesterday at 127.79 and also just below the 38.2% retracement of the move up from the April 14 low at 127.748.  Momentum could not be established below those levels, however, and the price has since rebounded back above the 100 hour moving average at 128.097 currently. Overall, the topside today held against the topside from yesterday. The low today moved just below the low from yesterday, but quickly rebounded. The 38.2% retracement pretty much held the support. What now? Traders will be looking at the rising 100 hour moving average at 128.097 as intraday support. A move below - and then below the 38.2% retracement at 127.748 -  is required to give the sellers more confidence.  Absent that, and the corrective move lower that we have seen over the last three trading days is fairly standard and shallow.  Getting back above above the swing highs from yesterday and today between 128.63 and 128.70, would open the door for further upside momentum with the high for the week at 129.40 the next major target.   PS. The high price this week trade at the highest level since April 2002. That's a long time ago.  PSS Japanese Finance Minister Suzuki escalated his verbal intervention in the yen in remarks today. Suzuki conveyed key points from a meeting he had with US Treasury Secretary Yellen, saying that government has been conveying that rapid yen moves are undesirable, and what's happening now can be seen as rapid moves. He added that FX moves will be monitored closely and "with a sense of urgency".

Source: USDJPY trades (mostly) within the confines of yesterday's trading range

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