Tests trend line and 50% of the days range
The USDJPY has moved higher perhaps partly in response to some further upside momentum in the US equities. The S&P index is trading at 2012.(high 2013). Moving back above the 2000 level is more bullish (can it stay above?). The JPY crosses are also ticking up a bit. Activity remains somewhat light (or so it seems).
Technically, the pair has moved toward topside trend line which has kept a ceiling on the pair in trading today. The level also now corresponds with the 50% of the trading range for today at 118.608.(from 119.16 to 118.056). A break above that level should solicit more upside momentum potential.
Yesterday, the USDJPY closed at 118.82. A move above that level would send the pair into the new day with upside momentum potential.
