USDJPY on the hourly chart

The USDJPY has continued the run to the upside after extending above its 100 hour moving average and swing area between 113.771 and 113.806 (see earlier post HERE).

The price was able to stay above the broken 100 hour moving average and start to take out topside targets including the 113.954 level and the 50% retracement of the move down from the November 24 high at 114.019.

The pair is now looking to test the highs from last week between 114.203 and 114.27 (see earlier post). That area represents the top extreme of the up and down range since November 26. A move above would be another breakout for the pair.