Bulls/buyers making a play..
The buyers in the USDJPY took the price above a ceiling area over the last three or so days at the 109.45-53. There were 6 swing levels in that area. The price broken above and move to a new high since February 5th at 109.79.
The price has rotated lower since peaking and returned to that ceiling area. The low just reached 109.50. Buyers have come in and we trade at 109.62.
The bulls/buyers are making a play against the old ceiling. That is bullish. Stay above is bullish. Move below and you have to question the break.
Looking at the daily chart, the 109.664 is the 50% of the move down from the November 2017 high. Getting back above that level would also be bullish now. The next key target on the topside remains at the 200 day MA at 110.216. That would be where we are going IF the buyers/bulls can keep the momentum going.
