The 79.26-30 intraday resistance area was broken above and the USDJPY has surged higher. The pair is approaching the 100 hour MA and 50% of the months trading range at the 79.59/61 area. A break above has the 200 hour MA at the 79.66 as the next resistance. Look for sellers on the 1st test of this area.
Look for support buyers now against the 79.40-42 area (38.2% of the days range and old high from the Asian session – see chart below).
