The USDJPY is pushing to new highs in early New York trading. The move is taken the price above the 50% retracement of the December move lower (at the 118.698) and the 200 hour moving average at 118.60 (green line in the chart below). What are the next targets on the topside for the pair?

The high to low trading range for the pair was only 75 pips as New York traders entered for the day. The 22 day average (around a months worth of trading) is running at 137 pips. The push higher is extending the trading range. There is room to roam.

The next targets comes in at the 119.438 and the 119.55 level (61.8% of the move down from the December high, and the December 11 high). Above that, and traders will be targeting the 119.90 level. This is a targeted topside channel trend line (see chart below)

The USDJPY is pushing to new trading highs

The USDJPY is pushing to new trading highs

Risk can go back to the 50% and the 200 hour MA now. Should the price trade back below this level if the bulls are to remain in control?? I think not . Closer support/risk for traders now can be found at the highs from earlier in the day (at the 118.95 area. Risk might extend down to the high from yesterday at 118.87). The USDJPY broke above this ceiling and scooted higher. It should now find buyers against that level (see chart below)

USDJPY on the 5 minute chart

USDJPY on the 5 minute chart