The USDJPY moved higher in the Asian session, and then into the London session, but ran into the next upside target area between 115.616 and 115.671. The high price reached 115.681 and started to find more selling interest. The price has backed off after the US data today giving the sellers some relief.
The fall from the high moved down toward 115.241. That level is the 61.8% retracement of the January 2022 trading range.. That level held support and the price is currently trading at 115.43.
For the week, the price has been up on each successive day with the biggest gain coming on Wednesday and Thursday. Today has seen the price trading higher and lower on the day. Yesterday the pair closed at 115.354. A close higher would be the fifth consecutive day higher for the pair.
The low for the will was Monday at 113.462. That low stalled right near the January 13 low, and gave the buyers the reason to bounce. As mentioned the big gain was on Wednesday help by the FOMC decision. Technically, the price moved above the 200 hour moving average on that day and also above a downward sloping trendline did yesterday, the price corrected back down toward that broken trendline, found support buyers and pushed even higher on the strong dollar buying.
Higher rates have helped to propel the price higher.
