USDJPY April 30 high at 107.492 being tested
The USDJPY is up testing the April 30 swing high. That level comes in at 107.492. The price has just reached 107.508 and found some sellers. The USDJPY has been trending higher today.
Looking at the hourly chart above, the price opened below its 200 hour moving average at 106.621 (green line in the chart above), but quickly moved higher to test its 50% retracement at the 107.00 level. After correcting down to the 38.2% retracement at 106.74, the price action searched through the 50% retracement on up to – and through – the 61.8% at 107.250. The price has extended to the April 30 high at 107.492.
Sellers are trying to pick a top against that swing high level.
Drilling to the 5 minutes chart below, the price trend as found support buyers near its 100 bar moving average (blue line in the chart below). That 100 bar moving average currently comes in at 107.232 (and rising).
It will take a move back below that moving average line to hurt the bullish bias, and give the resistance sellers more confidence that the trend move is over.
An interim target would be a upward sloping trendline at 107.34 currently.