USDJPY moves up to test yesterday's highs/50% retracement

Technical Analysis

Author: Greg Michalowski | usdjpy

50% retracement of the move down from April still looms above at 108.413.

The USDJPY has moved up to test the high price from yesterday at 108.364. A move above still has the 50% retracement of the move down from the April high at 108.413 to get above and stay above.  

50% retracement of the move down from April still looms above at 108.413.
Moving above that level should open up the door for further upside momentum.  On the hourly chart a top side trendline comes in at 108.63. That would be a target on the upside.   

USDJPY
On the downside, the 108.254 area and below that the 100 hour moving average and trend line at 108.069 are now support. 
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