In the US trading session, the USD/JPY saw a decline but didn’t quite reach the rising 100-hour moving average, stopping just 11 pips short. From there, it rebounded to reach 157.84, showing that buyers are still firmly in control. The last encounter with the 100-hour moving average was back on December 17 and December 18, right before the FOMC rate decision, which subsequently boosted the price.
Just yesterday, the pair hit a new high not seen since July 17, entering a significant swing area on the daily chart marked between 157.66 and 158.86. Although this range is quite broad, it includes several key swing levels. For buyers to maintain their momentum and potentially aim for this year’s high of 161.94, they need to break through and hold above this crucial level.
