Breaking to new session highs
The USDJPY is breaking to new highs and in the process is trading at the highest level since July 19th and trades above the 38.2% of the move down from the July 19 high at 111.57. The 50% comes in at 111.875 and is the next target
Looking at the daily chart, the pair is also moving above some longer swing areas going back to January 2018 (see red numbered circles in the chart below). The 112.00 level was a floor in December and January before breaking lower. That 112.00 level was broken earlier this month, only to break lower on July 20th. That level will also be eyed as upside target now that the pair has broken higher.
The EURUSD and the GBPUSD has also joined the dollar buying over the last few minutes as well. The EURUSD stalled at the two week highs.
