USDJPY Trends Upward in One-Way Movement
USDJPY does not see a slowdown in the USDJPY uptrend. The pair after US CPI is looking above 2022, 2023 and 2024 price highs between 151.91 and 151.967. The high price is currently trading at a new session high at 152.93, almost 100 pips from previous highs. The price is also trading at its highest level since June 1990.
Today, the high price extended above the July 1990 high of 152.25. Keep this level in mind
Looking at the hourly chart above, the close/near term risk zone would be the 38.2-50% retracement of today’s upward surge. This area is between 152.351 and 152.488. If the trend is to remain firmly in the hands of buyers, staying above the 50% of the last trend move allows these buyers to remain in control. This level is also close to the July 1990 high of 152.25.
In the absence of a better sense of risk, this is my close support level for traders. A more conservative risk level would be the old high cap for 2022-2024, between 151.91 and 151.94.
This is a one-way path to upside for USDJPY. When this happens, buyers are in complete control and sellers need to regain some control to be taken seriously. Without going below even the closest technical levels – like the 38.2-50% uptrend – sellers are not winning. Buyers are in complete control.
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