Takes out 2021 highs.
The USDJPY has moved to the highest level since October 9 and tests a swing area between 105.641 and 105.809. The pair on the daily chart has traded below that area with the exception of 3 trading days from October 7 through October 9 when a break higher failed. If the the price can't get above that level, the October 8 high price at 106.102 and the 50% retracement of the move down from the June high at 106.215 would be the next targets on the daily chart.
Drilling to the hourly chart below, the price today has seen ups and downs and back up again. The initial moved to the upside extended back above the 200 day moving average at 105.510 but failed and rotated back down toward the upward sloping trendline and 38.2% retracement near 105.16. The last 4 hours have seen a quick search to the upside taken the price back above the 200 day moving average, the high for the day and the highs from February 5 and February 8. Watch the 105.627 to 105.666 area as close intraday support. Stay above and the buyers are likely to feel comfortable.
