The dollar is king today.
The USDJPY is also running higher on the flight into the safety flows into the US dollar.
Looking at the hourly chart above, the price low for the day bottomed near the low from April 1 at 106.919. After moving back above the broken trend line the price squeezed higher toward a swing area at 107.49-56. That area has been recently broken and the price now looks toward topside resistance starting with the downward sloping trend line at 107.76 and moving up toward the 100 hour moving average at 107.884. In between is a swing line at 107.79 and the 38.2% retracement of the move down from the April 6 high at 107.856.
The risk is now at 107.49 – 56. Stay above and the intraday buyers remain in control. Move back below and the waters will get more muddy.
For now the trend higher remains but the pair is entering a key resistance area.
