The USDJPY is looking toward the consolidation range high at the 118.857. The pair has been confined in a narrow range since January 13th with most of the trading between 116.90 and 118.86. A move outside this range should solicit more buying with the 119.30 and 119.74 other upside targets (pre Jan 13 highs). The range for the USDJPY is currently around 158 pips. The average is 130 pips.
USDJPY tests high ceiling area at 118.857
The pair has not had much of a correction on the move to the upside (see 5 minute chart below). The 118.647 and 118.47 levels are prior highs in the month (see hourly chart). These levels are close support levels. If traders are able to keep the price above these levels, the trend remains strong. On a stronger correction, the pair could head down toward the 118.17 level. This is the 38.2% retracement of the surge higher ( see 5 minute chart below).
USDJPY stalls near the highs SUpport eyed below