Trades at new day highs
The USDJPY is also on the run (stocks, covering, crosses running especially GBPJPY). The pair is trading at new day highs and is getting closer to the next targets for the pair.
- 104.84. Near highs on June 17 and June 20
- 105.04. Near high prices from June 21 and June 23rd
- 105.134. 200 bar moving average on the 4-hour chart
- 105.232. 50% retracement of the moved down from the May 30 high
The 105.13-23 area should garner the most attention on a run-up. The USDJPY price is not traded above the 200 bar moving average of four hour chart since June 2. The spread between the 100 bar MA and the 200 bar MA is pretty spread out. When the "goal posts" defined by those MA are spread apart , the market respects the MA on the first test. With the 50% within 10 pips, and the run up extended (it can go farther though so have a stop), that area should give cause for pause.
Having said, that, the move higher has little in the way of corrections today. The market has that bullish/squeeze feeling. So anything can happen. But look for profit taking on the test of that area should the run to the upside continue.