The USDJPY 100 hour MA is being tested at 138.83. Swing area up to 139.00 is the next target

During the early US trading session, the USDJPY is experiencing an upward bounce, and in doing so, it is currently testing and possibly breaking above the 100-hour moving average, which is positioned at 138.83. As the pair gains momentum, its sights are set on reaching the high of a swing area, located near the 139.00 level.

Moreover, if the price manages to surpass those immediate targets, the next significant resistance level to overcome is at 139.176, which represents the broken 38.2% retracement of the move up from the low recorded on March 24, 2023. If the USDJPY successfully breaches these resistance levels, it paves the way for further upside movement, encouraging more traders to probe for long positions in the market.

As the price action unfolds, traders are closely monitoring these key levels to assess the strength of the current uptrend and to determine potential trading opportunities in light of the unfolding market conditions.