Broke above daily trend line today
The USDJPY is higher today and in the process, moved above a trend line on the daily chart (more bullish) in the process. That trend line comes in at 106.78 (see daily chart below).
The pair is also above the end of March high at 107.00. Being a nice round number, that level will be eyed for intraday traders. The low price after the US data today reached 107.01 but the price action is contained and remains below the earlier highs at 107.147. Traders are battling at the higher levels.
The next target for the pair comes in at 107.286. That is the high from March. Above that and the traders start to take out other swing highs from February.
Drilling to the 5 minute chart, the price is holding a trend line and the 100 bar MA. They come in just above the 107.00 level at 107.029 area. The 200 bar MA and the 50% of the days range comes in at 106.92 area. A move into/below that yellow area starts to weaken the bullish technicals today.
US stocks are set to open with follow thru gains. US yields are also higher today. Both are helping the dollar but given the volatility of late, what looks good now could look “not so good” 10 minutes from now. So be aware.