October 04, 2024 at 08:34PM
As the week comes to a close, the USDJPY is trading near the highs for the day and the week. The move to the upside today off the unexpected US jobs report, was able to take the price above a key swing area ceiling around the 147.33 level and also above the 38.2% retracement of the move down from the July 3 high at 148.116.
Both of those levels will be support for traders going into the new trading week. Going forward, if the price can remain above each, the buyers are still in play.
On the topside, the high price from August 15 at 149.356 is the next target to get to and through. Move above that level and traders would start to target a cluster of key targets including the:
50% midpoint of the move down from the July high at 150.75
The 200 day moving average at 151.046
The 100 day moving average at 151.599.
This week, the Japan’s PM dialed back his call for a hike, and BOJ Ueda said that the markets were unstable. In the past, he commented that he unstable market would keep the Bank of Japan on the sidelines. That has been a tail wind for a weaker JPY. The US jobs report, gave the dollar buyers more incentive to take the USDJPY higher as well.
This article was written by Greg Michalowski at www.forexlive.com.
