Runs higher and looks to test the "old highs"

The USDJPY has broken away from its 100 hour moving average at 114.305 on the dollar buying after the chair Powell renomination, and is up testing the "old" 2020 swing high from October 20 at 114.691. Just above that is the November 2017 swing high which came in at 114.728.

Recall from last week, the price broke above both those levels on its way to a new 2021 high of 114.961. However momentum could not be sustained and on Wednesday, the price broke back below those levels and ran back to the downside. The 113.714 before bouncing higher into the close.

Looking at the trading action today, the price was more or less confined by the 200 hour moving average below (green line) and the 100 hour moving average above (blue line) until the break higher on the news.

Now with the price testing those "old highs" (ahead of the new high), the the market is stalling a bit (the high just reached 114.689). Get above is more bullish. Stay below and we could see a rotation back to the downside.

Key level for buyers and sellers at 114.728.

PS. Th weekly chart below shows the swing highs going back to May 2017. There are a number of levels between 114.03 and 114.728. The low today (by the way) was just below the 114.03 level at 114.014 before bouncing higher. Bullish.

USDJPY on the weekly chart