The price moved above the swing highs from 2021 and March 2020.
The USDJPY has continued its push to the upside and in the process has cracked above the 2021 highs near 111.653 and the March 2020 high at 111.709. The high price just reached 111.876. The next target comes in at the February 2020 high of 112.220. Close risk is now the 111.653 level.
The 110.98 to 111.115 area is also a risk level for longs looking for more upside dollar buying. That level corresponds with the highs from March and June on the daily chart below. The USDJPY stalled in that area on Monday, and cracked above that area during yesterday’s run to the upside. Today, has seen the next break.
The USDJPY is working on its 6th day higher since bottoming at 109.113 on September 22 (over 280 pips in the 6 trading days). The pair had traded in a 295 pip trading range from May 26 before the run higher over the last week or so of trading (about 85 trading days).
Drilling to the hourly chart, the USDJPYs run higher has a topside channel trend line that cuts across at 112.06. That will be a topside target level now.