The USDJPY is the standout mover among the majors today, climbing 0.83% and extending its bullish momentum. The latest leg higher has been driven by a sequence of key technical breaks that shifted the bias firmly in favor of buyers. Late yesterday, the pair found a solid base ahead of the 200-hour moving average (green line currently at 147.52). From there, momentum carried into the Asia-Pacific session, where the price pushed through the 100-hour moving average (blue line currently at 147.939), reinforcing the short-term bullish tilt.
The more notable development came with the break above the 200-day moving average at 148.51. That longer-term benchmark has been a pivotal line in the sand this month. Earlier tests of the 200-day MA—in both early and mid-September—saw rallies stall, with sellers leaning to push the price back lower. Today’s decisive move through that barrier signals a shift in market control, with the 200-day now turning into a risk-defining support level for buyers. As long as the pair can hold above, the bullish case remains intact.
On the topside, the market is eyeing a cluster of nearby resistance levels. The first key target is 148.94, the September 2 high, followed by the September 3 high at 149.13 and the July 16 peak at 149.18. This area represents a dense band of resistance that could attract profit-taking, but a sustained break through would be technically significant. If buyers clear that zone, it would open the door toward the psychological 150.00 level and beyond, with the August 1 high near 150.91 standing as a more extended bullish target.
For now, the story is one of shifting momentum. The combination of yesterday’s base, the reclaiming of shorter-term moving averages, and the break of the 200-day has tilted the balance of power to the upside. The focus going forward will be whether buyers can consolidate above these newly-won levels and build the foundation for another test of the 150.00 handle and potentially higher.
