USDJPY continues to grind higher.USDJPY now trades at highest level since October 24, 2022

<p>The USDJPY continues to grind higher and has now moved above the October 31/November 1, 2022 highs at 148.82 and 148.84. The high price just reached 148.862, and trades at the highest level since October 24, 2022. Can the momentum continue?</p><p>Looking at the daily chart, connecting highs from August and September next targets 149.102. Above that, and buyers to start to look toward another topside trendline at 150.20.</p><p>Drilling down to the 5-minute chart below, today's price action in the Asian/early European session based against the 200-bar moving average (see the green line in the chart below) before trending higher. </p><p> The 38.2% retracement of that trend move to the upside comes in at 148.653 now (if a new high is made, the retracement would move higher). It would take a move below that retracement level to take some of the bullishness away from the USDJPY for traders looking for more upside momentum. The rising 100-bar moving average (blue line) would also need to be broken to increase the seller's confidence (currently at 148.58). WIthout moving below those levels, the buyers still remain in firm control.</p><p>Yields are moving higher which is helping the pair move higher. The 10-year yield is now up 8.7 basis points at 4.5 to 7%. The 30-year yield is up 11.8 basis points at 4.639%, as the yield curve works off its negative curve. The 2 – 10 year spread is at -59 basis points while the 2 – 30 year spread is at -48 basis points (highest level on a close since May 25).</p>

This article was written by Greg Michalowski at www.forexlive.com.