August 27, 2024 at 02:08AM
The USDJPY is trading to a new session high as some dollar buying enters into what has been a very quiet open to the new trading day.
For the USDJPY, the price of the pair initially dipped into a swing area between 144.038 and 144.447 reaching a low of 144.225, but could not go any further and rotated back to the upside. Getting back above 144.447 again, gave the buyers more confidence and they have pushed the pair up toward 144.83.
On the topside, the falling 100-hour moving average at 145.181 is the next key target.
Recall that last week on Thursday and Friday, the price did trade above the 100-hour moving average (see blue line and red shaded areas on the chart above), but could not keep the momentum going toward the higher 200-hour MA target (green line on the chart above) Sellers ultimately pushed back below the 100 hour MA, turning buyers to sellers and probing more to the downside.
If the buyers are able to get above the 100-hour moving average NOW, traders would start to look once again toward that 200 hour moving average as the next key target. Ultimately, both would need to be broken technically, to shift the bias more in the buyers favor. Absent that, and the buyers are not winning.
As the USD moves higher vs the JPY, it is also moving higher versus the AUD, and NZD as they extend to new session lows (and a higher USD). For the AUDUSD it is down testing the key support target near 0.67604 (see video in this post HERE).
There is no real headline news. Sometimes the markets just get tired from going nowhere.
This article was written by Greg Michalowski at www.forexlive.com.
