The USDJPY has ticked to a new session high. The price just reached 140.733. The earlier session high was 140.71. So it is not running but it is a new high.
The high for the week was no Monday at 140.79. Above that is the 100 day MA at 140.913, and above that the 38.2% of the move down from the November 9 high at 141.093. Those levels will need to be broken and stay broken to give the buyers more confidence for a more corrective move higher.
The price fell and stayed below the key 100 day MA on Friday of last week, and remained just below it on the corrective test on Monday, before falling to 137.65 on Tuesday.
Getting above the high for the week at 140.79 and then the 100 day MA at 140.913 is required to tilt the bias more to the upside. Absent that, and the sellers still hold the advantage.
If sellers lean now can keep a lid on the pair, on the downside, the swing area starting at 140.298 and down to 139.85, followed by the now rising 100 hour MA at 139.618 would be the major downside targets that would give the sellers even more control.
Key resistance being approached, but it is slowly and needs more of a shove if it is to be successful.
