Buyers are scoring back on run back above swing levels/highs
The USDJPY ran higher yesterday on the back of higher rates and US dollar buying. The pair moved above the old high going back to October 20 at 114.691. The price also moved above the November 2017 swing high at 114.728. It wasn’t until last week when the price moved back above that November 2017 high, but failed after reaching 114.96.
The high yesterday ended up stalling against that high from last week near 114.961 and rotated back toward the 114.728 level (November 2017 high) where buyers stalled the fall in the Asian session today. Buyers leaned, and scored after breaking above the 2021 highs at 114.96 and extending to 115.148.
However, the gains could once again not be sustained and the prices stumbled back to the downside. The old highs (from October and November 2017 were broken again but a lower swing area stalled the fall (red numbered circles). The price moved higher in the London/early NY session. The pair has extended back above the 114.728 level and the highs from last week/yesterday at 114.961. Touchdown.
Can the momentum be sustained by the buyers? Will the break above the 114.96 and 115.69 to 114.728 hold and the buyers move further toward “pay dirt”? (see related post about winning here).
Although there have been swings of momentum in the game today, the buyers are driving for a score and adding to their lead. The next major target on further momentum, would look toward 115.50 which was the high from March 5, 2017.