The USDJPY has extended above the 110.00 level. The high price just reached 110.096. The high prices from last week stalled near 110.15 (there is a swing area at 110.135 to 110.154). Get above those levels and another swing area at 110.22 to 10.263 would be targeted ahead of the September highs at 110.413 and 110.440.
Yesterday, during the early Asian session, the pair retested the swing lows going back to August 16, August 17 and again September 15 at 109.11 and found support buyers for the fourth consecutive time (see purple numbered circles). Later after the FOMC decision, the price was able to move above its 100 and 200 hour moving averages at 109.64 and 119.673 respectively. That gave the buyers the go-ahead to push in the upward direction.
Later, the pair waffled above and below the 100 day moving average both yesterday and today at 109.85, but has finally been able to break higher. A move back below the 100 day moving average would not be a good sign for the buyers after the most recent push higher (risk level for new buyers now).
Buyers are taking their shot. Can they keep the momentum going above the 110.00 level and extend above the highs from last week and the other swing highs in September?
Yesterday the sellers had their shot to extend below the lower floor. Today/going forward with the price rebounding, the buyers may ultimately have their shot to get out of this up and down trading range since mid August.