USDJPY rose back to the upside and returned above the 159.00 level after stronger-than-expected flash data for the S&P Global Manufacturing and Services Index. The high price was traded up to 159.206. This brings it to 100 points below the 2024 high of 160.208. The highest level was back in 1991, when the high price reached 160.40.
Looking at the 5-minute chart below, the price has been trading above and below the 100 and 200 bar moving averages in today's trading.
However, the last two declines have found support for buyers against those moving averages at 158.916. This makes the levels even more important going forward, at least in the short term.
As long as the price can stay above the short-term bias it is more bullish. If the price moves below, be prepared for buyers to turn into sellers at least in the short term.
USDJPY held the 100/200 bar moving average in two separate tests