Topside trend line at 108.81
The USDJPY has moved to a new session high and 108.796. That is getting close to a topside trendline which comes in at 108.81. The price has backed off a bit ahead of the level and trades at 108.72 currently.
The pair today based near its 100 hour moving average (blue line at 108.388 currently). Buyer against that level today (and yesterday as well) were rewarded with decent gains today.
The pair spiked above its 200 hour moving average (green line) and the underside of a broken trendline (that trendline helped stalled the rally yesterday). All moves are more bullish.
The topside trendline at 108.81 is the next hurdle along with the 50% retracement at 108.864. A break above these overhead levels, would open the pair for further gain with 109.00 (natural resistance) and 109.11-14 as next targets (61.8% and swing lows from May 29th).
On the downside, look for the 108.61 level as close support (38.2% and near the underside of the broken trend line).
