The USDJPY is breaking to the upside helped by the core PCE push higher. I spoke to it in the morning video here.
Looking at the daily chart, the price has been trying to run higher and above a swing area between 134.12 and 134.75. The low today stalled near the low of that swing area.
What next?
Look at the daily chart, the price is approaching the 38.2% retracement of the move down from the October 2022 high. That level comes in at 136.656. Above that, and traders have to start thinking toward the 200 day and 100 day moving averages. Those levels come at 137.05 and 137.276.
Drilling down to the hourly chart below, the price has moved above an old trendline at 135.75 level. That is now a close risk level for intraday traders now.
NOTE also that at the low today, not only was the pair found support near a swing area on the daily chart, but also found support at the 200 hour MA
