USDJPY makes a run to the upside.
Yields in the US are higher today. Stocks are off highs. Clarida was more cautionary. Yet the USDJPY just spiked higher. The run has now taken the price above a topside trend line, the 50% retracement, highs from this week and the 200 hour MA in the 110.62-68 area. Stay above is more bullish.
The high from March 21 and March 22 are the next targets (post FOMC tumble). They come in at 110.89 and 110.95. The 61.8% is at 110.926.
The close risk is go back below the break point.
Drilling to the 5 minute chart, you can see the base at the 100 hour MA and the more current run above the 200 hour MA at 110.68 (also 50%). The market seems to be taking clues from the technicals and finding buyers. ANother risk area for longs would be the 38.2-50% of the last trend move higher at 110.535-603.
