Extending above the 200 hour and 50% retracement
The USDJPY is breaking higher moving above the 50% and the 200 hour MA at the 122.385 and 122.358 level respectively. Traders will now want to see the price remain above this level (RISK defining level).
The highs for the week become the next upside targets. They include
- 122.64
- 122.87
- 122.92
The 61.8% of the move down from the June 24 high comes in at 122.853 .
