Highest level since December 2018.
The USDJPY has continued its trend move to the upside after breaking above the swing highs from February 2020 at 112.22 and the the swing high from April 2019 at 112.389. The price just moved to a high of 113.41. That is getting closer to the next target at the December 2018 high at 113.704.
Drilling all the way down to the 5 minute chart below, the pair had one modest dip below the 100 bar MA (blue line) in the Asian session while the price was fighting the resistance at the 112.22 to 112.389 area from the daily chart (see yellow area). That dip lasted for 20 so minutes, before the price gathered momentum and ultimately broke above the 112.389level (swing level from April 2019).
Technically, it will need a break back below the 100 bar MA at 113.069 and rising trend line near that area to swing the bias back down (at least temporarily).
The pair is up 4 of the last 5 trading days. Over that time the price has moved 260 pips. Since September 22, the price is up 433 pips from that low (13 trading days).
