The USDJPY has broken above the end of 2015, beginning of 2016 swing highs between 118.60 and 118 .65.. The high price has spiked up to 119.12. The current price is trading at 119.00.
The pair was trading near the aforementioned swing area just prior to the rate decision. It will now take a move back below the 118.60 – 118.65 area to tilt the bias more to the downside.
On the topside, the price has entered into the extreme area where most of the price action took place in 2015. That range is between 118.60 and 125.851. Interim upside targets of the weekly chart come in near 121.76 and 123.70 areas (swing levels).
The price has moved down to 118.80 as I type with the 118.60 – 118.65 as support
