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USDJPY runs higher and tests the 2022 highs
The USDJPY moved up to a high of 139.00 today. The pair extended above the high from July 21 at 138.87. The high price from July 14 reached 139.384. That was the highest level for the year and the highest level going back to 1998.
The current price is at 138.71. The close on Friday was at 137.50.
So overall, the pair fell short of the 2022 high (highest level since 1998), but is stiill up around 120 pips on the day.
Drilling down to the 5 minute chart, the corrective move off the high did correct 50% of the day’s trading range. That level comes in at 138.266, which is where the price bottomed today. The pairs price has spent the last few hours above its 100 and 200 bar MAs currently at 138.58 and 138.62.
Are those levels important?
Looking at the 100 bar MA (blue line) on the chart below, the MA was resistance earlier today, and more recently is support. With the upside running into 2022 highs (highest level since 1998), the market has good resistance above. So the 100/200 bar MA might be a close barometer. Get below it, and then the 50% midpoint and the sellers are more in control.
USDJPY corrected to the 50% midpoint of the day’s range