New highs for the USDJPY
The USDJPY is trading to a new session high. And in the process is testing its 200 hour moving average at 107.288. The price is currently trading at 107.30.
The move to the upside has now taken out the 50% retracement at 107.215 (of the move down from the April 16 high). That level is now a risk level for longs. Earlier in the day the price spiked up to that level and found sellers. The price then, rotated back down toward its 100 hour moving average (blue line currently at 106.926) where it found dip buyers.
On the topside, a swing low from April 23 and swing high from April 27 comed in at 107.351. The 61.8% retracement of the same move lower comes in at 107.418.
There is a no news headlines to support the run to the upside, but all JPY crosses are rushing to the upside. Looking at the GBPJPY, the price is looking to test the high from April 14 at 135.485. The high price for April extended to 135.736. It was only yesterday that the Sterling and was testing its low price for the month of April 131.90.