Up and down trading now trades at the highs
The USDJPY has seen a lot of up and down trading today. The first move was to the downside. That fall took the price to the double lows from yesterday at the 109.36 area. That low held for the third time and is now the lower extreme for the pair.
We are currently trading higher and to new session highs.
What are the key levels targeted?
On the topside, the high yesterday stalled at the 100 hour MA and trend line and backed back down. That trend line and 100 hour MA comes in at 109.934 area currently. That level is now a higher extreme for the pair. Near the level is also the 38.2% of the move down from last week's high at 109.891.
As I type, the price is moving to test that high extreme area. The Richmond Fed index was better, but consumer confidence was a bit weaker....
Will the sellers lean against the area? I would expect traders to lean on the test, but if broken, it should keep the momentum going.