Moves above resistance...
The USDJPY has moved to new session highs after the better than expected initial jobless claims. The move is not racing admittedly. So traders might be keeping a cautious eye given the move up over the last few days (the pair bottomed against the 100 day MA on Tuesday - nice bottom).
The move higher today has moved above a technical level of interest. The 114.13-17 area has been home to a number of swing levels going back to Feb 13th including a high and then a low in trading today (red circle 4 and 5). If the price can stay above that level today, the intraday bias would remain bullish. Closer support might come at the 38.2% of the move down from the 2017 high (from Jan 3rd) at the 114.26. Those are the levels to eye in NY trading.
Targets on the topside IF the bulls can remain above the lower support, include the trend line at 114.55. Above that the Feb 15 high at 114.95 and the 50% retracement at 115.09.
Ryan had an interesting post overnight "The battle is on between the Fed trade and Japanese repatriation". It is worth a read.