USDJPY remains near year highs

USDJPY rises and tests 2022 highs

USDJPY hit a high of 139.00 today. The pair extended above the July 21 high at 138.87. The July 14 high price reached 139.384. It was the highest level of the year and the highest level dating back to 1998.

The current price is at 138.71. Friday’s close was at 137.50.

So overall, the pair didn’t hit the 2022 high (highest level since 1998), but it’s still up around 120 pips on the day.

Moving down to the 5-minute chart, the corrective move from the high corrected 50% of the day’s trading range. This level sits at 138.266, where the price made its lowest level today. The price of the pairs has spent the last few hours above its 100 and 200 bar MAs currently at 138.58 and 138.62.

Are these levels important?

Looking at the 100 bar MA (blue line) on the chart below, the MA was resistance earlier in the day, and more recently support. With the upside hitting 2022 highs (highest level since 1998), the market has good resistance above. Thus, the MA 100/200 bar could be a close barometer. Go below, then the 50% midpoint and the sellers have more control.

USDJPY corrected to 50% midpoint of daily range


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