Moves toward key resistance targets
The USDJPY has moved to a new week high, taking out the high from Monday at 105.64. The high price has ticked up to 105.672.
On the topside, the 38.2% of the move down from the June high is just ahead at 105.719. Above that is the falling 100 day MA at 105.839.
Drilling to the hourly chart below, the price of the USDJPY initially move to the downside falling below a swing highs/swing low area at 105.149 to 105.183. After moving back above that level, the price was able to extend above a downward sloping trendline near 105.316 and the high from last week’s trading at 105.338. The price has been able to stay above each of those levels giving more of a bullish tilt. Those levels are risk levels for buyers looking for more upside momentum.