January 27, 2023

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USDJPY sees increased selling as London/European month moves to a close

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Price moves back below the old 2021 highs at 111.653

The USDJPY has seen increasing selling pressure as the London/European month moves closer to the close.  

Price moves back below the old 2021 highs at 111.653_

The move to the downside has moved the price back below the old high from the beginning of July at 111.653 (see earlier post here).  The fall below that level – and a upward sloping trendline near 111.60 – has the pair moving toward the rising 100 hour moving average at 111.312. The low price just reached 111.435.

Another target area comes off the daily chart between 110.96 and 111.11. Those levels corresponded with the swing high going back to March 2021 and June 2021. This week, the price moved up to test that area on Monday, and than on Tuesday moved above with momentum.

USDJPY on the daily chart

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