USDJPY consolidates near highs and awaits the next shove

Technical Analysis

Author: Greg Michalowski | usdjpy

Trend line at 113.29 and the rising 100 hour moving average at 113.146 are holding support

The USDJPY consolidate for the third consecutive day near the highest levels since December 2018. Looking back the high price from December 14 reach 113.704. The high price on Tuesday and again on Wednesday topped out near 113.80. Buyers somewhat reluctant near the highs.

Trend line at 113.29 and the rising 100 hour moving average at 113.146 are holding support_

Having said that looking at the hourly chart above, the dips have been limited there is a trendline cuts across at 113.29. That level held on the London morning correction. The rising 100 hour moving average at 113.146 is also in play and will help traders define the risk/bias.  Stay above is more bullish. Move below is more bearish.

Until those levels can be broken (on a shove lower), the price may have upside resistance between 113.70 and 113.80, but the sellers are not winning.  The burden of proof is on the sellers to take back control. They can only do that by getting below the support levels below starting with 113.29 and 113.146.  

Below is the daily chart showing the December 2018 swing high along with another upside target on a shove to the upside. 

USDJPY on the daily chart.

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