Extends above the 109.66 to 109.723 area
The USDJPY has been able to take out the November high at 109.66 and the December high at 109.723. Those levels are close risk now. Stay above and the bulls in control. Move below and the broken trend line at 109.50 (near low for day at 109.489) will become the next downside target (or risk level for longs) A move below that trend line and I would expect more buyers to give up on the topside.
However, staying in the moment, the buyers are more in control on the break higher and will look toward a swing high from May at 109.92, the 1.1000 natural resistance level and then the 110.472 level (61.8% retracement). Above that is a topside trend line on the daily at 110.70 area (also near a swing high from may at 110.671).
We are trading in fresh open space above the November/December ceiling area. Buyers are winning.
