USDJPY prints new session highs | Forexlive

The USDJPY is trading at a new session high and in the process is moving away from the 61.8% of the move down from the December high (see 4-hour chart above). That level comes in at 133.98.

The next target on the chart comes in at the topside trend line near 134.30. Above that is a swing area between 134.49 and 134.65.

Drilling to five minute chart below, the pair after dipping in the Asian session, rebounded higher and extended back above both the 200 and 100 bar moving averages (green and blue line in the chart below). Before trending higher, the price found support buyers against the converged MAs, and later found support ahead of the rising 100 bar moving average (see chart below and comments).

More recently, the accelerated move to the upside corrected down into the 38.2 – 50% retracement of the accelerated move higher, and found willing buyers once again.

Going forward as long as the price remains above the 38.2 – 50% of the last trend leg higher, the buyers remain in firm control. The trend remains in place.

The rising 100 bar moving average (blue line) will also be a barometer for the bias in the short term