USDJPY tests a topside trend line.
The USDJPY has broken above the high from yesterday and highs from August 4 at the 106.193 area. Earlier today the price tried to get above that level only to quickly fail on the attempts. This break was more successful. The level remains as close risk now for longs. Stay above is more bullish
The price has scooted up to test a topside trend line target at 106.37 (that's the high) and recent highs from August 3 at 106.428 and 106.466. Breaks above those levels should trigger stops and more buying.
Taking a broader look at the daily chart, the price is testing the 38.2% retracement of the move down from the June high at 106.343. Above that is a swing area between 106.466 and 106.660.
Needless to say, getting above 106.66 would be another step in the bullish direction with the next major stop coming near the 107.012 level. That is near a downward sloping trendline on the daily chart along with the 50% retracement of the move down from the June high. The 107.00 level is also a key natural resistance level.
