Trends higher today
After non trending for a couple days, the USDJPY is trending higher in trading today pre-FOMC. The pair moved above the 100 hour MA in the Asian Pacific session and started a push higher. A topside trend line and 38.2% of the move down to the June 10 low (on Kuroda's comments) was broken. The 50% is being broken now at 124.15. The high has extended to 124.28 currently. The next upside target on the hourly chart comes in at 124.55.
Looking at the 5 minute chart, the trend steps have little in the way of corrections. So the buyers are in control. The pair is up near a topside trend line on the chart. There may be some sellers, but the trend action seems to have some traders caught. So will watch the 124.15 level for support on dips. If the price cannot get below that level, there may be more pain ahead.
