Moves back into "The Box"

The USDJPY is picking up some upside momentum and in the process is:

  • Moving away from the 200 hour MA at the 111.245.
  • It has also moved back "into The Box" on the daily chart defined by the February lows at 111.57 and the mid-January and March highs at the 115.60 area (see chart below).

A close above the 111.57 level would end the 6 days when the price closed below the box low extreme. That will now be close support for longs. Stay above is more bullish for the pair.

The next upside targets include the 111.98 and 112.51 (see chart above)..