The USDJPY has two key level in play. ON the topside the 155.00 level is being touted at a level that the BOJ does not want to see the USDJPY move above. It may just be the “market” speaking, but there is chatter that the central bank also does not want the pair moving above that level. The central bank will meet at the end of the week.
The other level in play is the 100 hour MA. That level has been tested on a number of bars in the US session and support buyers have entered near that level on dips, increasing the levels importance. That level comes in at 154.57 currently.
The resistance there 155.00. Support near 154.57. The traders have their bookends to lean against, or buy or sell on a break above or below.
This article was written by Greg Michalowski at www.forexlive.com.
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