188 pip run higher into 105.00 resistance
The USDJPY soared higher on risk on flows. Dow futures are up over 1600 points. The S&P is now up 156 points and the Nasdaq is punching higher as well (up 150 points).
The price has risen 188 pips from the low (which was near the Friday low near 103.17). The high price just reached 105.048.
Looking at the hourly chart, the high is stalling in a swing area defined by swing low and highs going back to October 14 (see green numbered circles). A move above would look toward another swing area at 105.16 to 105.183. The high price from last week reached 105.338. That would complete the lap down and back up.
On the downside, the 50% of the range since October 7 high comes in at 104.636. That area would be eyed as a close support level now. Stay above, keeps the buyers in control. A move below would have traders looking toward a swing area at 104.464 to 104.501. Below that, the 200 hour MA and broken 38.2% at 104.29 would be eyed.
The JPY crosses are also soaring with the EURJPY up 200 pips, the GBPJPY up 234 pips and the CADJPY up 194 pips.
Looking at the GBPJPY, the pair is up testing a swing area at 137.815 to 138.345.
