Moves above the 50% retracement

The dollar is making run to the upside - reminiscent of yesterday without the PMI data though - and that has the USDJPY moving to new session highs.

Moves above the 50% retracement

The pair just broke above the 50% retracement of the move down from the November 11 high to the November 18 low. That level comes in at 104.659. The high price just extended to 104.756. The next upside target comes in at 104.816 to 104.851 (see red numbered circles). The level corresponds with swing lows going back to November 10 (see red numbered circles). A move above that level and staying above as the upper extremes from November 9 to November 16 to tackle including the 105.000 level and a swing area near 105.149 to 105.183.

If the break higher fails, a rotation back toward the close from yesterday 104.468 and the 38.2% retracement at 104.42 would be targeted.