The 110.80 is the next key target
The USDJPY is trading to the highest level since August 11. On that day, the high price reached 110.796. Going back to July 7, the swing high reach 110.809(and there were other swing levels around that high - see green numbered circles in the chart below).
That area around the 110.80 area is the next key upside target. Get above that and it door opens up for further momentum with the 110.98 level as the next target to get to and through (call it 111.00).
The high price for the year was reached on July 2 at the 111.653 level. That was also the highest level going back to March 2020.
Just a few days ago, the low for the week was reached at 109.11. That tested the other recent swing lows going back to August 16, August 17 and September 15. The inability to move below that level give the buyers the go-ahead to push higher. On Wednesday the 100 and 200 hour moving averages were broken. In trading yesterday after waffling above and below its 100 day moving average, the dollar buyers push the price sharply to the upside, and we are seeing the fall through buying today.
Close risk comes in at the 110.41 to 110.44 area now. Stay above that level and the buyers remain in control