July high at 111.653 is being tested.
The USDJPY is continuing its run to the upside. The pair is up for the fourth consecutive day and in the process is looking to test the July 2 high at 111.653. A move above that level has the March 24, 2020 high at 111.709 not far away followed by the March 20 at 112.22. Getting above that level would take the high price to the highest level since April 2019.
Drilling to the hourly chart, the five day run to the upside has seen the price stepping higher with little in the way of corrections. The pair did just try to move above a topside trendline currently at 111.613, but has backed off with the high from July also exerting some resistance. Traders can define risk and limited risk against the levels.
However if the topside trendline at 111.613, the high from July at 111.653 and the high from March 2020 at 111.709 can all be broken, it would certainly open up the door for further upside momentum. For now however, the sellers are trying to lean against the cluster of resistance targets (with the potential for stops above).
