USD/JPY wrestles with near-term support after nearing 150.00 yesterday

The dollar is trading more mixed on the day, keeping steadier against the rest of the major currencies bloc but down against the yen. I would say there’s not too much in that as the USD/JPY retreat looks more like a fall after having nearly clipped the 150.00 mark yesterday. With that, it now draws in a key near-term support level as seen by the hourly chart above.

The 100-hour moving average (red line) at 149.13 is currently in focus. Keep above that and the near-term bias will remain more bullish. But break below and that will see the near-term bias switch to being more neutral instead. Key resistance continues to hold closer to the 150.00 mark as of now.

So, the onus is on buyers to try and keep the upside momentum going and to break that resistance point. Otherwise, sellers will have reason to step back in.

As for the bigger picture, the cross of the key daily moving averages here is something to take note of. That might be suggestive of a switch up in momentum for the pair with little else to work with for the time being.

This article was written by Justin Low at www.forexlive.com.