After reaching a new 2023 high at 147.81 today , USD/JPY is making a small retracement, down 0.25% or 36 pips to 147.35.
The pair is on a support, the price spike reached last week, which was then the resistance to win to make a new year high.
If bullish momentum will continue next key levels in the short/medium term are 148.8 and then 151.93 , reached last year, and in case USD/JPY would make a breakout of this last level, it would trade at its 25 years high.
In case selling pressure would trigger a retracement , the 21 day SMA is now in area 145.8 while the 55 day EMA is currently in area 144. Any correction above these two moving averages should be part of the development of the main trend, unless a catalyst event would force to reassess the underlying conditions.
