Trendline on daily cuts across at 106.14. High price reached 106.10
The USDJPY moved up toward a topside trend line on the daily chart connecting highs from early July and late August. That trendline cuts across at 106.14. The high price today reached 106.10.
Drilling to the hourly chart below, the move higher today so the price extend above the swing highs seen over the last 10 or so trading days at 105.80. The price has been consolidating in a non-trending trading range over that 10 day.. The breakout is a key bullish move.
The low price off the correction could only reached 105.848 before rotating back to the upside. That keeps the buyers more in control. Also in that area is the 38.2% – 50% correction zone of the last leg higher. Staying above that area (see yellow area in the chart below) is also more bullish.
The buyers made the play today. Can they keep the bullish move going.
