The USD/JPY has had another bumper day, trading around 0.3% higher on Tuesday after yesterday’s move saw it break the 2019 and 2020 highs, reaching levels not seen since December 2018.
The pair has reached a session top of 113.78 today, where it last traded in November 2018. The price has only fallen 13 pips since the peak, currently trading at 113.65.
If the price continues climbing, the next critical level for the pair is 114.03.
On the hourly chart, the USDJPY has stalled somewhat since the day’s high, however, there hasn’t yet been anything to suggest that sellers will step in anytime soon.
During the Asian session, the price peaked at 113.48 before taking a dive down toward 113.00. The Asian session high is yet to be tested as a possible support level and could be an area to watch for a likely pullback.
A move below that hints at a more significant fall to 113.20 may be on the cards. On the opposite end of the scale, a break above the 113.78 level looks more likely at this moment.