Moves above 113.50 area
The US jobless claims came in much better than expected (near all-time lows), and the USDJPY pushed higher. The move took the price above the 113.49 – 52 area that has been a ceiling over the last 2 days. The price moved to a high price of 113.575, but has backed back down to the ceiling area. The buyers are making a play. Can they keep the momentum going? That will be eyed now.
The next upside target comes in at the 113.71 level where there have been a number of swing levels going back to November 28. Above that 113.808 and the high from November 28 at 114.03 are targets (see chart above).
The buyers are making the play and are in control.
If the momentum does fail and the price starts to trade more comfortably below the 113.495 level, the buyers here may give up with 113.34 the logical lower target (a move below that level would likely lead to more selling).
But for now, the bulls remain in control.