Trades at highest level since November 14
The USDJPY continues to retrace the move down from the November 12 high (high for the month). That high came in at 114.20. Other swing highs come in at 114.00 and 114.14. Today the November 15th swing high at 113.699 has been broken. The price is trying to move away from that level. The high reached 113.807.
There was a dip in the NY session on the back of the EU auto tariffs, and although a trend line was broken, the 61.8% of the move down from the November high, stalled the fall.
The march higher continues for the pair. I would look at the 113.64-699 area as close support. The high yesterday came in at 113.64. The 113.699 is the 61.8% retracement level. Stay above keeps the buyers in control.
Taking a broader look at the daily chart below, the price is moving closer to a topside trend line at 114.05. The November high reached 114.202. The high from October and the year reached 114.544. Those are targets on the daily chart now.
