USDJPY follows yields higher. | Forexlive

The USDJPY has not escaped the run higher in the US session. The price of the pair has moved to the highest level since March 15. That move took the price to a intraday high of 134.567.

Looking at the 4 hour chart above, the low price today stalled right near the swing area between 133.74 and 133.87. The 50% midpoint of the move down from the March high is also near that level at 133.774. Finding support buyers against that area gave the buyers added confidence.

The next upside key target comes against the 61.8% retracement of the move down from the March high to the March low. That level comes at 134.751.

Also helping the bullish bias is that the low prices from last week stalled near the 100 bar moving average on the 4 hour chart (blue line in the chart above). The sharp move back to the upside on Friday also took the price back above its 100 day moving average (blue line currently at 133.154) and the 200 bar moving average on the 4 hour chart currently at 133.335.