November 14, 2024 at 10:58PM
The USDJPY moved above a swing area yesterday between 154.54 and 155.21 and also above a upside trendline. The break was more bullish.
When the price modestly corrected into the first few hours of the Asian session yesterday, the price retested that break level, and found willing buyers. The price moved higher in fits of up and down price action during the day, but close near the highs for the day after comments from Fed chair Powell were little less dovish.
What next?
With a price reestablishing its trend move higher this week, the buyers remain in firm control. There is not a whole lot of resistance until 157.116, and then above that 157.921.
On the downside, it would take a move back into the aforementioned swing area below 155.21 and then 154.542 disappoint the buyers and likely lead to more downside probing.
So buyers remain in firm control.
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USDJPY Market Analysis
Late yesterday, the USDJPY pair broke above a key swing area (154.54-155.21) and an upside trendline, indicating a bullish move. Despite a modest correction in the early Asian Pacific trading at the start of trading yesterday, buyers supported the price against the 155.21 level, driving it higher. Following Fed Chair Powell’s comments, the price closed near its daily highs.
Key Levels
Resistance
157.116
157.921
Support
155.21
154.542
Outlook
Buyers remain firmly in control, with limited resistance until 157.116. A move below 155.21 could lead to further downside exploration.
This article was written by Greg Michalowski at www.forexlive.com.
