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Topside trend line eyed
The price of USDJPY have moved back higher, helped by a recovering stock market (Dow, S&P and Nasdaq are now all higher on the day). The price just cracking to a new high for the day (above 113.626) and looks to test a topside trend line on the hourly chart at 113.68. Will the sellers lean against the level?
The high just reached 113.66 and has found sellers on the first test (trades at 113.56).
Taking a broader look at the daily chart below, the price moved above the July 2018 high and the January 2018 high yesterday (at 113.169 and 113.38 respectively). The pair also cracked above the underside of a broken trend line at 113.30 today. The low today moved to 113.28 and bounced higher.
So the bulls are more in control but each of those levels below, are risk levels that if broken, would weaken the technical picture little by little. Failure to get below, keeps the bulls in control.