The USDJPY has moved sharply higher after the FOMC characterized the employment market as solid. The price of the pair has moved above the 108.74 high from October 8th. The 109.22 is the next high from October 7th and the next step (2) in the progression to the upside. From there the market will be focused the other subsequent highs for the year with a drive for 110.00 the theme.
The USDJPY is stepping above the October 8th high . Next stop October 7th high.
Looking at a one minute chart, the current correction is the largest in the move higher. The prior corrective move took the price to the 108.70. Look for buyers in this area now as traders try to get on the bullish train. Look for the 50% of the move up from the gap to be a pretty solid level to hold as well.
USDJPY corrections have been minimal
