15 month high for the USDJPY

The USDJPY is trading at a new 15 month high. The price has taken out the high from lat week at 111.109 (bid side). The price just ticked up to 111.115.  The March 31 reached 110.96 and was the high until the breach last week.

Ironically, the high price in the 1st quarter was on the last calendar month, and today – the last day of the 2nd quarter – is marking a new high for the year as well.  

In between, the price declined to an April low of 107.47, where the ratchet higher restarted (more or less following a trend line higher in the process).  

Close risk now?

Watch the March 31 high at 110.96.  Move back below that level, and suddenly there would be a failure on the new year high, AND a failure on the rebreak of the 1Q swing high.   That would not make the “break buyers” happy. We would likely see some rotation back lower.    

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