The USDJPY has seen a dip today that gave the sellers some short term control below 154.54, but momentum faded quickly and sellers have turned to buyers. The price has now moved back up toward the high for the day and also the high of a swing area at 155.21. The price is currently trading just above that level as buyers make a play on a break.
Traders looking for more upside in the USDJPY will now be counting on level for increased momentum to the upside on the break. Staying above will traders looking toward the 156.00 level with other resistance up near 157.116.
For sellers, they now need to write back below the 154.54 level and stay below that level to get any support additional support in that direction. Absent that, and the buyers are still in firm control .
This article was written by Greg Michalowski at www.forexlive.com.
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