December 5, 2022

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USDJPY moves up to test swing area under 110.00

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Swing area between 109.839 to 109.952

The USDJPY has moved up to test a swing area just under the 110.00 level between 109.839 to 109.952. The high for the day just reached to 109.947.

Swing area between 109.839 to 109.952The buyers would take more control above that area. Close risk for intraday traders is now the 109.839. Stay above keeps the buyers more in control.

A move above 109.952 would open the door for traders to look toward the May 28 high at 110.19, followed by the June 4 high of 110.324.

Helping the bullish bias today is the holding of the 200 hour moving average (green line) currently at 109.621.  That level stalled the market at the Asian opening, and also in the London morning session.  Holding gave the buyers the go-ahead to push the price higher over the last five or so trading hours.

PS Friday, the lower 100 hour moving average (blue line) was a base level for traders as well. Holding that level in pushing above the 200 hour moving average tilt the bias more in the favor of the buyers/bulls.  

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