Technical Analysis

USDJPY creeps back to 50% midpoint of 2022 trading range

USDJPY moves back to 50%

The USDJPY has crept up in trading today, following the USD to the upside and a mixed interest rate curve.

Technically, the pair has seen a move up to a high of 132.71. That was a pip above the 50% midpoint of the 2022 low to high trading range at 132.70. The low for the year was back on January 24 at 113.46. The high was not reached until September 29 at 151.938. Since then, the price has moved down to a low on Wednesday after the BOJ adjusted the 10 year yield targeted ceiling rate at 0.5% from 0.25%. The low on Tuesday reached 130.55 before rotating back higher.

The rebound from the plunge on Wednesday has the pair up a couple hundred pips, but the correction still needs to get and stay above the 50% to give the dip buyers some added confidence. Absent that, and the sellers are more in control.

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