Buyers making a play
The USDJPY has extended to new London/NY session highs on the back of the better ISM data. The price has pushed above the the 100 and 200 bar MAs on the 4-hour chart (blue and green lines at 101.517 and 101.596 respectively - see chart below), and a topside trend line (at 101.60). The pair is pushing and looking for that momentum push above the topside trend line. If it comes, and there is a break, the highs from last week at the 101.76 and 101.834 become the next targets to get to and through. The upside opens up on a break above those levels.
Close support would be the lower MA line at 101.517. A move back below, and the good(that is bullish) from the better data are neutralized by the not so bullish technical picture (i.e.,the failure at the trend line and MA line). Key time for the USDJPY pair and traders in it.