Looks to test the high for the day at 109.08
Let's not get to excited, but the USDJPY is moving above the 109.00 level and looks to test the highs of the day at 109.08. The high for the week came in on Monday and Tuesday near 109.20. If things really get going, the 109.50 area is an area to target. The 38.2% of the move down from the Jan 18 high comes in at that area as does the 200 hour MA.
ON the downside, the 100 hour MA has been able to stay above over the last 3 hourly bars at 108.877. Stay above is more bullish technically.
The JPY crosses are also doing better (bullish). The EURJPY and GBPJPY are trading at new session highs. Looking at the EURJPY below, the 136.20-318 is home to recent swing highs. That area is the next target area for the pair.
