Took out the February 21 high. Highest level since February 13th. Double top today may make topside sticky….
The USDJPY broke above the February 21 high price at 107.895. The high last week reached 107.851. The break today, has opening up the upside, and we have seen more momentum. The pair has moved to a high of 108.28 so far. We trade right near that high as the US stock market gets going with some modest gains.
Looking at the daily chart above, more upside momentum takes the price to the 38.2% at 108.469. The 100 day MA comes in at 108.998 (call it 109.00). The USDJPY has not traded above the 100 day MA since January 10th.
Drilling to the hourly chart, the pairs run higher has taken the price above a simple topside trend line at 108.077 currently.
There is one concern in the USDJPY for the bulls (who are in control).
Looking at the 5-minute chart below, the pair has a double top at 108.275. We are up near those highs and it may make for a sticky ceiling. If the level holds, keep an eye on the 100 bar MA and the 38.2% at 108.03-05 area for support.