The upper trend line cuts across at 112.11
The USDJPY is extended to a new high of 112.007. The current price is at 111.986 as I type. The 112.00 can be a natural resistance target. Another target topside general trendline cuts across at 112.12.
The price action today saw the price move below the lower channel trendline but also found support buyers near the 38.2% retracement of the move up from Monday’s low. That retracement level came in at 111.239. The low for the day came in at 111.209 just three pips below that retracement level before rebounding back to the upside.
Once the price move back above the high for the day and the broken trendline, the buyers came in and push the price higher with upside momentum.
The ranges in the USDJPY is up to 81 pips versus 54 average over the last 22 trading days. Al the major currencies have ranges at, or above the 22 day average ranges (the USD has a 99 pip trading range versus 100 pip average).