..New higher but hardly (at least so far).
USDJPY rose after today’s CPI data and thus eliminated yesterday’s high price, but barely. Yesterday’s high hit 113.783. The high price just hit 113.798 but fell back. The current price is trading at 113.64 as I type.
Today’s high is the highest since December 4, 2018. The upward movement brought out the December 18, 2018 high at 113.704. Coming back above – and staying above that level – could be an early “indicator” of a higher surge in the future. It could also be a “say” of sales interest. Watch for this level in the short term.
By exploring the hourly chart below, the price has a trendline crossing near 113.52. A move below this level could see another decline as traders get frustrated with the lack of bullish momentum.
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