Runs away from 200 hour MA
The USDJPY moved back above the 200 hour MA earlier in the day (green line). The was the first time since November 15. The price also moved above the highs from last week at 113.143 and 113.177. That area then became a base for buyers to lean against (yellow area). Bullish.
The price just took a run to new session highs just ahead of the US stock opening.
Technically, the 61.8% is the next target at 113.475. A move above that level opens up the upside even more for the pair.
The risk for longs now is that base area at the 113.143-177 area.