Trades at highest level since April 28th. Trend line up next
The USDJPY is trading at new session highs and moves away from a swing high area (yellow area in the chart below). The pair has a shallow topside trend line to maneuver above at the 109.72 level now. A move above that should open up the road for further gains in this pair.
Earlier today, the low after the better than expected Japan GDP held support at the trend line. Can the market ignore the data, perhaps focus on the more hawkish Fed, and take the pair higher? That would be the next bet if this next trend line can be breached. Key test.
The next topside target comes in at 110.20. The 110.59 is current trend line target (see daily chart below).
