USDJPY has little problem getting above 109.00. What next?

Technical Analysis

Author: Greg Michalowski | usdjpy

The 109.265 and 109.382 are the next upside targets

Earlier I spoke of the 109.00 area as being a level that should attract sellers CLICK HERE
 

Well, the price stalled for about 15 minutes just under the level but did not go very far. The level was ultimately broken and we continue to trade above the level a new high at 109.18. What was resistance is now support. Look for the 109.00 area to now be support if the price is to continue the upside momentum. 

What next for the upside?

The 109.26 is the next target. The 200 hour MA and the 100 bar MA on the 4-hour chart are at the level. Above that and the 61.8% of the move down from the August 31 high comes in at 109.383. That level also has swing highs going back to August 25th (see red circles).