After choppy early trading, the USDJPY has shifted into a steady uptrend with minimal corrections. The day began with a dip during the Asian session, briefly pushing the pair below its 200-hour moving average (green line). However, buyers leaned against Friday’s low, reclaimed the 200-hour MA, and gained further momentum after breaking above the early session high near 144.63. That break triggered a stronger upside move that continues to stretch toward new highs.
Zooming out to the broader hourly chart, the pair is now approaching the 61.8% retracement of the June 23 high at 145.978, and a key swing area between 145.919 and 146.288. This upper region has proven to be strong resistance in recent months. While buyers have managed to push above it twice — in May and late June — each breakout attempt quickly faded, reinforcing the range’s upper boundary.
The wider range over the past two months spans 142.105 to 146.288 (see red box). A firm move above 146.288 would mark a decisive break and strengthen the medium-term bullish bias.
In the short term, support now comes in at:
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145.347: 50% retracement of the June high-to-low move
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145.216: last week’s high
Holding above these levels keeps the buyers in control intraday
