Up and down trading over the last 6 days broken
The USDJPY has been trading up and down over the last 6 trading days. Yesterday, there was a run to the upside, but the highs at 107.48 last week, could not be busted and the price backed off.
Today those highs were taken out and the price moved to the highest level since February 21 at 107.895. That is the next target for the buyers. Move above that and the 38.2% of the move down from the November 2017 high comes in at 108.469. The 100 day MA is at 109.25. Those levels are a stretch but with the breaking of the trend line on the daily and the break today above the consolidation box, gives the buyers more control. So target the next levels and don’t rule a stronger dollar out.
Close risk is 107.48. Other risk is the March high at 107.286. Stay above each and the bulls are in control.
Drilling to the hourly chart, the high from last week was first tested today. The correction was modest and the break was met with more momentum. The correction stalled ahead of the old highs (bullish). That increases the 107.48 levels importance.
PS The early week breaks of the 200 hour MA was the sellers chance to take control and get out of the box to the downside. Those breaks failed….