Stops triggered above the 111.357 level
The USDJPY has just broken above the double top from Monday/Tuesday at 111.357 and has triggered some stops. The 111.357 now becomes the support for the pair. The high has extended up to 111.62 so far.
Looking at the hourly chart above, the pair has moved above the underside of the broken trend line at 111,46 (that is also a support level now for the pair). The next topside trend line comes in at 111.89 (see chart above). That level corresponds with the highs from the end of April at the 111.80-111.877 area (see chart below). That area should slow the rise if tested.
