The USDJPY moved higher today, trading back into the topsided swing area that has defined value since early August, between 147.95 and 148.166. The high reached 148.06, just under the key resistance ceiling. The broader value range stretches from 146.803 to 148.547.
Earlier this week (on Tuesday), the pair slipped below the lower boundary of that value area range before snapping back higher. Yesterday, price action again tested the top boundary of the value area but found willing sellers. So far, while the pair is higher on the week, the resistance at 148.166 continues to cap the upside.
Looking ahead into the close and the new trading week, the roadmap is clear. To extend higher, USDJPY must break and hold above 148.166. Without that, the market risks carving out a series of lower highs, reinforcing the presence of sellers against the swing/value area.
Conversely, on the downside, the 100-hour moving average at 147.392—which sits near the midpoint of the broader range—remains the key support. A sustained move below it would shift the bias more bearish
