Trades at highest levels since December 2002
The USDJPY is continuing to march higher - trading at the highest level since December 2002.
Looking back to that month/time period, this is what the daily chart shows... The highs in December and October 2002 were within 10 pips of each other at 125.69 and 125.79. Those highs were it. The price has not traded above those levels since those days. They remain the next key targets on the topside for the USDJPY.
Are there any other targets before that level with the current price for the pair trading at the 124.81?
Looking at the 4 hour chart, if I were to connect prior highs there are three potential targets.
The first connects off the high from May 5th (blue circle 1) and May 28 and comes in at 124.90
The second connects off the high from May 12th (green circle 2) to the May 28 and comes in at 125.15.
The third is a channel trend line of the lows and connects to highs starting on May 20 (red circle 3). That trend line comes in at 125.48.
The trend lines are all sloping higher so as each bar is added the line goes higher.
Those would be interim bullish targets on the topside.
Of course the tide might turn on a break of support. What is close support now? Looking at the 5 minute chart, a move below the 1.2460 level might solicit some profit taking (see chart below).
