USDJPY
USDJPY 2021 high price tested

The USDJPY is moving higher with the overall stronger dollar trend today after the FOMC, and that has taken the pair toward the 2021 high from November 24 at 115.513.

On January 4, the price moved above that 2021 high level on its way to the high price this year at 116.345. Looking at the daily chart above, that high price stalled near a topside trendline and started a run back lower.

The price decline in early January moved toward the 38.2% retracement of the move up from the August low at 113.43 and held. That low and retracement level was retested just last week before rotating back to the upside.

Now with the price back to the 2021 high, the market has a decision to make. Break and head toward the 116.345 high (and then the topside trend line), or hold below and rotate back to the downside?

For sellers looking to lean against the 2021 high, getting back below 114.96 to 115.05 area will now be eyed as a confirmation area to get below if the sellers are to take back control. Absent that, and the buyers remain in more control.