The USDJPY moved off support levels this week on the daily chart and moved closer to key topside resistance at the 79.227 to 79.29 levels. This is where the 100 day MA, the trend line resistance and the 200 day MA all come in. This will be a KEY LEVEL on a better than expected number at 8:30 AM ET.
A move above will next target the 79.646 level which is the August high. Above that and the 38.2% of the move down from the 2012 high comes in at 80.14.
If the number comes out lower than expectations, look for a move back down. The bottom trend line on the daily chart above comes in at the 79.20 level and this will be the key support target below. A move below this level should solicit more selling pressure with the 77.65 June 1 low the next key target.
