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USDJPY runs to new highs and breaks topside trend line


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USDJPY trades at the highest level since May 31

The USDJPY has moved to a new session high and trades at the ice level since May 31.  

Looking at the four hour chart above, the price moved above eight topside trendline connecting recent highs. That trend line comes in at 109.11.  The pair also moved above swing lows from May 29 (two swing lows at that level – see red circles). Yesterday, the price stalled at the 108.99 level – just ahead of the 109.00 level. That level was also the high from July 10 and the high for the month.  Today, that level was also broken. 
So levels are being taken out as USD buying continues. 

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