Trend line approached.
The USDJPY has pushed to new session highs and in the process, has moved above the 200 week moving average at the 106.69 level. The 107.00 area is another topside resistance target. A trendline in the daily chart slashes across near that price level.
As outlined earlier, this price moved above the 106.23-43 area earlier today. That level has been home to a number of swing highs and lows going back to May (see chart below). The price is moving further away from that area (it remains a risk level for buyers now). The buyers are taking more control. Next target? Get and stay above 107.00.
PS JPY crosses are also getting a boost on the move. GBPJPY is trading at new session highs. as is the EURJPY. The AUDJPY (highlighted in a earlier post) is moving closer to the trend line and 100 hour MA extreme (testing trend line now).
