The USDJPY has moved lower on flows into the safety of the JPY in the Asian session.
However, after moving to the lowest level since February 3, and approaching the 100 day moving average at 114.34 (the low reached 114.405), the sellers turned the buyers against the key risk defining level.
The move back higher in the London morning session took the price back toward a swing area between 114.69 and 114.782. In the early New York session, the strong buying of the US dollar has helped to push the USDJPY even higher.
The price is now retraced all of the declines from the Asian session, and is up testing the 200 hour moving average at 115.16 (the price high just reached 115.174). The 38.2% retracement is also in the area at 115.141. The high price from yesterday reached 115.194, and the high from Tuesday and the week reached 115.23.
So there is a lot of topside resistance between 115.14 and 115.23. As a result, there could be sellers against the area with stops on a break of 115.23. All the area and a move back toward the 100 hour moving average at 114.926 would be eyed.
Alternatively, a break above would target the 50% midpoint of the move down from the February high which cuts across at 115.369.
