There is a pattern developing....
The USDJPY is completing it's lap as it completed a fall after the weaker than expected US ADP employment change report (185K vs. 215K estimate). The move lower (which was started prior to the release) has now been retraced. This is the pattern made popular by the GBPUSD yesterday when the price moved up and down on the number of occasions.
The price is currently moving above the high for the day.
Looking at the hourly chart, the pair is testing the high from July 21 at the 124.47 level. On July 30, the price moved above this level to the month high at 124.574. A move above those levels opens the door to further upside. The high for the year (and going back to 2002) comes in at 125.85. .
