USDJPY moves up to test the March highs (and backs off).

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    Feb and March highs the next targets for the buyers

    The buying is continuing in the USDJPY with the March highs at 114.44-54 being tested. THe high reached 114.438. The price moved back down to 114.30 currently.  It is a visual high area for profit taking where risk can be defined and limited and it seems the sellers took the opportunity to unload of some longs (and perhaps some new shorts as well).  

    It is always tough to pick a top in a fast moving market.  A target MAY be that level OR a move below a support level can help as well. 

    For the USDJPY, the pair just pushed up 107 pips on the last leg higher. That took the price above the old high from November 25 at 113.889.  The 50% of the last trend leg higher comes in a  113.904 - right near the old high.  That level will now be eyed as support going forward.  Stay above and the buyers remain in control.  

    The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

    This article appears in: Investing , Forex

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