USDJPY tries to extend higher but has some resistance.What key levels would shift the bias

The USDJPY fell below the 50% of the move up from the September 2024 low to the January 2025 high at 149.22 yesterday and also a swing area between 149.07 AND 149.39. That sent the pair lower that ultimately broke below the low from early December at 148.64 (low reached 148.56, but stalled and bounced.

In trading today a run back toward that December 2024 low was tried but once again found buyers. The low today reached 148.62 before bouncing.

The price has now moved back above the 50% midpoint at 149.22 and has been able to stay above that MA in the early hours of the US trading session. On the topside however, the 100 hour MA is providing close resistance. If the buyers are to take more control, they need to get and stay above that MA to give the buyers some short term confidence and give the sellers some cause for pause on their downside move.

This article was written by Greg Michalowski at www.forexlive.com.