Moves further away from the 100/200 day MAs
After some hesitancy at the 100 and 200 day MA, the USDJPY has pushed higher and further away from those converge moving averages (near 108.30 level). The pair just reached a new session high at 108.69 and in more upside open road.
Looking at the 4 hour chart the 108.497 to 108.584 area was swing lows and swing highs going back to early April. The prices currently above that area. The next upside target comes in at 108.844. That is the 50% retracement of the move down from the March 24 high to the May 6 low.