Trendline at 113.29 and rising 100 hour moving average at 113.146 maintain support
USDJPY consolidates for the third day in a row near the highest levels since December 2018. Looking back, the December 14 high price reached 113.704. The high price on Tuesday and again on Wednesday hit nearly 113.80. Somewhat reluctant buyers near the highs.
Having said that, looking at the hourly chart above the declines have been limited, a trendline moves to 113.29. This level was maintained during the London morning correction. The rising 100 hour moving average at 113.146 is also in play and will help traders define risk / bias. Staying above is more bullish. The movement below is more bearish.
Until these levels can be broken (on a downward push), price may have upside resistance between 113.70 and 113.80, but sellers do not win. The burden of proof is on the sellers to regain control. They can only do this by dropping below the lower support levels from 113.29 and 113.146.
Below is the daily chart showing the December 2018 high as well as another bullish target on a bullish push.
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