Breaks above trend line and retracments.
Powell's comment that he is confident on inflation getting stronger and the economy outlook has strengthened has given the USDJPY a boost to new highs. He would not comment on the dot-plot expectations though.
The US treasury yield has moved to up 2.7 basis points and trades at the 2.893% (pushing 2.90%). US stocks are moving lower with the S&P down -0.21%, the Nasdaq down -0.25%.
For the USDJPY, the pair is up testing the swing high from Feb 22 at 107.60. The high price from last week at 107.895 would be the next target on a break. In fact that was a double top on that day. Key level.
Close risk at 107.31 and better support at 107.132 where 50% and the broken trend line are found.
