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USDJPY ticks to a new high and moves away from a key swing area in the process

August 9, 2023 by admin 0 Comments

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The USDJPY is ticking to a new high and is up for the 3rd consecutive day.

In the process, the price is extending above a key swing area between 143.44 to 143.54. That area will now be a close risk level for traders going forward. Stay above is more bullish. Move below and we should see some downside retracement on the failed break.

Tomorrow the key US CPI will be released with the expectations for the YoY headline to tick up to 3.3% from 3.0% as the year-ago levels on a month-to-month basis took a 2 month hiatus from moves higher.

That data might give traders some cause for pause on too much upside momentum The high for the year at 143.88 is the next key target.

#USDJPY #Forexlive #forextrading

This article was originally published by Forexlive.com. Read the original article here.