USD/JPY Establishes Above145, Heading Even Higher
USD/JPY continues to show buying momentum as it remains on a bullish trend and is currently trading above the 145.50 level, which shows that buyers are comfortable with the price remaining above 145. We were seeing a retreat earlier in the Asian and European sessions, but USD buyers came back and the move during the US session has propelled the price beyond the previous high from 2022, which comes at 145.07, reaching the highest level since early November last year, when the major crash happened in this pair.
On the daily chart, the price is trading at the middle of the range between 145 and 145.900, which can be considered a significant area of price action. The primary concern for buyers now is the potential reversal and the downside break below the 145.00 level, especially if this move is accompanied by strong momentum.
As long as the price remains above this level, the buyers are maintaining control of the market, so we continue to remain ling on USD/JPY. We missed the chance earlier on to buy the dip lower, as the price reached the 50 SMA (yellow) on the H1 chart, which is acting a support, showing that the buying pressure is strong.
The next important target for the buyers is at the 145.900 level. If buyers can push above this zone, it could pave the way for a potential move towards the extreme levels witnessed in 2022. Notably, the current price movement has been consistently upward for the past six days. During this period, the price has advanced from a low of around 141.50s to today’s high of 145.50s (current high at the time of writing), which means a 400 pips climb. So, buyers are in total control in this forex pair and we are following the price action, trying to buy during pullbacks lower.
USD/JPY Live Chart
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