USDJPY trades to a new high. Can the buyers get the pair above 133.00 now? | Forexlive

The US yields are moving to new highs (2 year up 6 bps to 4.14%), and that has given the USDJPY some underlying support as well. The pair is ticking to new highs at 132.91.

Looking at the hourly chart, recall from yesterday, the pair moved above the 200 hour MA for the first time since March 10, and based against that MA before pushing higher. The price also moved above a swing area between 132.19 to 132.27. That area is a risk level for buyers looking for more upside in the pair (see red numbered circles).

Today, the low of that swing area stalled the fall into the early European session and the last 5 or so hours have seen a move higher. The 38.2% of the move down from the March 8 high has been broken. However, the high from March 22 at 132.004 remains the next upside hurdle that needs to be broken to increase the bullish bias. Move above that level would open the door for a move toward the 50% of the move down from the March 8 high near 133.769.