As London/European traders are looking to exit for the day, there is a late-day run to the upside. The USDJPY are making a break for it.
The price of the USDJPY has now broken above the ceiling level set over the last three trading days near 155.95, and also now above the 50% midpoint of the move down from the 2024 high (and highest level since 1990) from April. That level comes in at 156.029.
Both the swing level and the 50% midpoint between 155.95 and 156.029 are now close support. Staying above is more bullish.
The May 2 high comes in at 156.28 and is the next target to get to and through. Move above that level and traders will start to look toward the 61.8% retracement target at 157.015.
Buyers are making a break for it above the swing ceiling and the 50% retracement. Can they keep the momentum going above 1.5595?
This article was written by Greg Michalowski at www.forexlive.com. Source