The USDJPY is a big mover today with a gain of 0.84% on the day. That move to the upside took the price above the 50% midpoint of the move down from the June 30 high. The level came in at 141.149. Buying intensified.
The rotation to the upside saw the price of the USDJPY move to and through the next target swing area between 141.84 to 142.073. The upper level corresponds with the 61.8% retracement of the same move down.
Technically if the price can remain above that swing area, the buyers are in firm control. Conversely if the price moves below it, the short-term top may be in play with corrective targets at 141.56 and then the 50% midpoint at 141.149.
On the topside, there is not a lot of resistance near 143.439 to 143.538.
This article was written by Greg Michalowski at www.forexlive.com. Source