The USDJPY is moving toward the 50% midpoint of the trading range since the Dec 15 high | Forexlive

The USDJPY moved lower in the Asian session and found support buyers against the high of a swing area between 131.297 and 131.567 (see green numbered circles) . The low for the day reach 131.574 before bouncing to the upside in the European session.

The North American session has seen the price extend further to the upside. The high price just reached 132.603. That is within eight pips of the 50% midpoint level at 132.689. There is also a swing area between 132.70 and 132.87 (see red and red circles). Getting above the 50% and the swing area would increase the bullish bias from a technical perspective.

The USDJPY moved sharply higher on Friday after the better-than-expected US jobs report. In trading today, the price trend continued helped by reports that Bank of Japan Deputy Gov. Amamiya was being touted as the next Governor of the Bank of Japan. Amamiya replace the current head Haruhiko Kuroda.

Amamiya is nick-named “Mr. BOJ ” for being the proponent of many of the bank’s unconventional monetary easing ideas.

He played a key role in drafting Kuroda’s huge asset-buying in 2013. He has also been a proponent of keeping ultra-low interest rates. He did, however, say last year that the BOJ must “always” think about the means of exiting ultra-loose monetary policy. Nevertheless he is viewed as a dove who would look to keep the stimulus going.