December 6, 2022

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USDJPY buyers making a play. Can they keep control and push higher now

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The sellers had their shot yesterday

The USDJPY are seeing buyers making a play for control. The pair found support buyers near the 200 hour MA (green line) late in the Asian session. Once that level started to hold support, buyers have also pushed above a swing area between 109.825 and 109.877. The the current bar has found support against the high of that range and is trading at a new session high.  

The sellers had their shot yesterday

The buyers are making a play. The next target to get above his the 110.061 trend line (and high swing area) and the high price from Monday at 110.149 and the high price from last Thursday at 110.222. 

The last 5-6 trading days has seen the price trade mostly between 109.479 and 109.222.  Yesterday, the sellers had their shot with a move below the lower extreme, but that break was quickly reversed and there have been higher lows since then.  The sellers shot. They missed. 

Although the price price today has not taken out the highs seen this week and last, the buyers are making a minor play above the aforementioned levels.  Can they keep it going?

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