V rebound continues on the USD strength
The USDJPY has extended to the highest level since February 27 and continues the "V" rebound on the flows into the USD.
Today, the price moved (and stayed above) the 200 and 100 day MAs at 108.225 and 108.887. More recently an old trend line at the 109.35 area was broken. Those levels are now risk/bias levels for the pair. Stay above is more bullish technically. On the topside, the January high at 110.283, an old swing high from May 2019 at 110.668 and the 111.00 area are upside targets now.
Drilling to the hourly chart below, there is a trend line developing over the last two days at the 108.95 level currently. That is just above the 100 day MA at 108.89. Stay above those levels keep the buyers in control.
Drilling even further to the 5 minutes chart, the 200 bar moving average, and the 200 bar moving average on the 4 hour held support at 108.488 earlier today. That was a key hold and helped the buyers from a technical perspective. The rising 100 bar moving average at 109.20 and the 200 bar moving average on the 5 minutes chart at 108.91 (and moving higher) are intraday support targets.
