USDJPY moves into swing area target area. A break and the highs since August 13 will be targeted

Technical Analysis

Author: Greg Michalowski | usdjpy

The 110.22 to 110.263 area is being tested now

The USDJPY has continued its run to the upside with the pair cracking above the swing area at 110.135 to 110.154, and is now testing a swing area between 110.22 to 110.263.  

Break above the 110.263 level and the pair would start to move toward the swing highs that contained the pair since August 13 (below 110.440).  

A move back below the 110.135 level now with more momentum could see some of the longs exiting.  

Stocks continue to be supportive with the Dow industrial average up 553 points or 1.61%. The S&P index is up 59 points or 1.35%. The NASDAQ index which is the laggard today is still up 1.12% or 168.08 points.

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