Moves further away from the 2007 high at 124.13
The USDJPY has moved to new session highs and is getting a technical boost from the move above the high from Thursday (at 124.449). The pair is now trading at the highest level since December 2002 and moving further away from the swing high from 2007 at the 124.13 level. Both the 124.49 and the 124.13 are now risk defining levels for shorts. Stay above and the buyers remain in control. The high price from December 2002 comes in at 125.79 and that is a target on the topside now.
Looking closer in on the 5 minute chart, the price had one surge higher after the ISM data. It is on the second leg higher now. The 38.2-50% of the last leg higher comes in at the 124.46-51. This is now close support. Stay above and the bulls remain in control (the shorts continue to feel the pain). The 124.46 fits nicely with the 124.44 high from Thursday.
PS the range for the USDJPY is up to 82 pips. This is in line with the average over the last month or so of trading for the pair.
