The worse than expected Factory Orders failed to push the USDJPY lower, so the price has pushed higher. The price has technical resistance at the 78.407 level which is the 38.2% of the weeks trading range last week and so far the move higher has maintained a safe distance against that level. If the price should push higher, the 50%, high from Friday, and the 100 hour MA at the 78.64, 78.68 and 78.72 levels respectively would be key resistance.
If the price is to continue higher, the buyers would need to keep the price above the 78.21 level (see chart above). This was a level that attracted sellers over the last few days of trading (see chart below). Move below and it puts into question the corrections strength.
