USDJPY extends to a new session high. Tests key trend line resistance.

Technical Analysis

Author: Greg Michalowski | usdjpy

Pair broke out of 10+ day range today and took off.

The USDJPY broke at of its 10 day+ trading range the combined the pair in a 60 pip range. The high for the range came in at 110.129. The high for the day just extended up to 110.625. We currently trade at 110.60.   

Pair broke out of 10+ day range today and took off.
Looking at the daily chart below, the swing high price from May 21 comes in at 110.668. The high for the day has stalled just short of that so far. Also near that high is a topside trend line connecting high prices from November and January (see red numbered circles in the chart below). That is the next key target on the topside and may exert some extra resistance, with stops should there be momentum on a break above. Be aware

USDJPY on the deal is testing a key topside resistance target
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