Above the 118.51 level
The USDJPY has broken above the 118.51 level. As posted earlier, the area between 118.22-51 was a floor going back to Feb. It has been a ceiling in January though. The ceiling has now been broken. Stay above and the 118.85 is the next target. This is the 38.2% of the move down from the Dec 18 high.
Looking at the the hourly chart, the period from Jan 4-8 had a swing lows and highs between 118.69 and 118.82. The 38.2% is at 118.85. So be aware of that area.
