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USDJPY runs up to test the high from last week. Backs off.

Started by forex4you, Feb 04, 2023, 11:21 am

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USDJPY runs up to test the high from last week. Backs off.

<p>The USDJPY has seen the pair move sharply higher after the much stronger than expected US jobs report followed by a stronger-than-expected nonmanufacturing ISM report. US yields are higher with the two year now up 17.2 basis points at 4.261%. The 10 year is up 14 basis points at 3.535%.</p><p>Looking at the hourly chart, the initial move after the report took the price above both its 100 and 200 hour moving averages at 129.47 and 129.697  respectively. The corrective low after the report came down to 129.84. Early buyers against the 200 hour moving average kept a floor underneath. The next push to the upside held by the ISM dated the price up to a new high of 130.17. That move also extended above the swing hi from January 24 (last week side) at 131.116. However the price could not sustain momentum and the price has backed off a bit.</p><p>What next?</p><p>The 130.60 is a close risk level for buyers looking for more upside. That level corresponds roughly with the swing highs from January 25, January 26, and January 30. They move back below that level would have traders rethinking the last run to the upside.</p>

                This article was written by Greg Michalowski at www.forexlive.com.

Source: USDJPY runs up to test the high from last week. Backs off.

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