The USDJPY reaches target. Stalls.

Better jobless numbers got the ball rolling.

At the start of the NA session, the US initial claims came out much better than expected (see: "USDJPY tries to move/extend higher after better claims data"). The price moved above the 113.49 -54 area. More bullish.

As per the post,

• "The next upside target comes in at the 113.71 level where there have been a number of swing levels going back to November 28."

That is where the price ended up going and stalling (high reached 113.704).

What now?

The buyers have been in control, but the pair targeted. It hit the target and the momentum stalled.

If the buyers are going to remain in control, the break level at the 113.495-54 is now support.

Hold, and the upside can be further explored with a break of the 113.71 and topside trend line, opening up for a potential move back to the November 28th high at 114.03 (with 113.81 a closer target).

Move below the 113.495, and the sellers above would be looking toward the broken 61.8% at 113.34 and the lower channel trend line at 113.26 (and moving higher).