Topside trend line stalled the rally earlier

The USDJPY consolidates between a topside trend line on the hourly chart (there was a small break earlier but that was quickly rejected), and the the high from yesterday at 112.577.

Earlier in the Asian session, the price action continued the run higher from yesterday's NY session.

We currently trade at 112.67 between the close support and resistance levels.

Looking at the daily chart below, the pair on Tuesday moved above the August 1 high at 112.146 and although the price dipped back below that level yesterday, the rebound back above was met with strong buying.

The pair is in the midst of the 2018 extreme with the 112.14 to 113.169 defining that extreme (July highs). Between that level is the underside of a broken trend line at 112.986. That will be the next target on a break of the topside trend line on the hourly chart. Above that, and the pair will look to retest 2018 highs.

On a break of the 112.577 level, the USDJPY will look toward the 112.44 high from Wednesday, then the 100 hour MA (blue line) and trend line. That 100 hour MA has been broken two times this week (Tuesday and yesterday) but did not get very far. If the bull run is to end, that MA line needs to be broken and remain broken.