October 23, 2024 at 05:24AM
USD/JPY looks to be in the mood as it surges higher and is now closing in on the 152.00 level. The pair is pushing higher with the yen sliding as Japanese stocks are also dragged lower on the day. The Nikkei is now down 1.4% with little other catalysts driving overall sentiment for the currency.
Of note, USD/JPY is now climbing to its highest levels since late July. And not only that, it is also breaching key resistance from its 200-day moving average (blue line). That level is seen at 151.35 currently. Hold above that and buyers will switch up the bias in the pair to being more bullish.
But it’s not just USD/JPY that is showing signs of a switch up in momentum. Other yen pairs are also telling a similar story. Here’s a look at GBP/JPY and AUD/JPY.
They’re both also showing similar undertones in breaking above their respective 100-day moving averages (red line). That sees price action looking to push above both the key daily moving averages, reaffirming a more bullish bias as well.
With the BOJ staying sidelined, it looks like traders are starting to go back to old habits again amid some quieter trading this week.
The technical plays are definitely a key consideration to the latest moves, so do continue to pay attention to that in the days ahead.
This article was written by Justin Low at www.forexlive.com.
