Forex technical analysis: USDJPY trades above 114.00
Works toward the May high at 114.367
The USDJPY may have had the topside limited by some option expires at the 114.00 level. That hurdle has come and gone now. So has the 4 PM London fixing. The price has just inched above the 114.00 level.
Looking at the hourly chart, the price has also moved above the topside trend line connecting the highs from Monday and Wednesday. The buyers today, will like to see more momentum above the trend line and above the 114.00 level now.
Helping the bullish bias this week has been the pairs ability to find support against the 100 hour MA. That MA was tested and held on Thursday and again today. A trend line is also moving with that MA line. It is down at 113.298 currently but is more important going forward after the successful tests this week. Be aware.
The next upside target on a continuation of the move higher comes in at the 114.367. That is the high from May 2017. Above that the 61.8% of the 2017 trading range comes in at 114.598. The March high comes in at 115.50.
For now, stay above the broken trend line on the hourly and the Friday buyers remain in full control. If it can, look for some stall around the March high.