USDJPY: Bulls advance toward 61.8 % retracement barrier

The USDJPY simply notched contemporary intraday—and multi-week—highs, pushing firmly into the yellow swing zone that capped rallies in early Could (145.92-146.25). Value is now solely a handful of pips from the 61.8 % retracement of the Could slide at 146.148, a degree that usually acts as a “final line” for corrective strikes.

Importantly, each pullback over the previous few hours discovered consumers proper at yesterday’s highs close to 145.76. That “old-high-becomes-new-support” sample underscores a market leaning bullish and utilizing shallow dips to reload. Except the pair slips again beneath that shelf—and the 50 % midpoint of the Could vary at 145.375—the trail of least resistance stays greater, with merchants eyeing a full breach of 146.24 that might open the door towards greater ranges within the pair.

Single-line key ranges

• resistance: 146.148 • 61.8 % retrace

• resistance: 146.25 • swing-zone high

• assist: 145.76• prior highs/short-term flooring

• assist: 145.375 • 50 % Could vary

• assist: 145.15 • 100-hour MA