The USDJPY is continuing its trend run to the upside reaching a new intraday high 143.068. That is also the highest level since August 1998. For your guide the high price in August 1998 reached 147.67. Looking at the hourly chart the price has been up 14 the last 15 hourly bars. The last hourly bar close at 142.945. The current prices just below that level 142.92.
It is the small things that traders look for and trending markets.
The range for the day is up to 283 pips which is well above the average over the last 22 trading days of 136 pips. So the market is a bit overbought but trend markets are fast directional tend to go farther with what traders expect. My guess is a lot of traders today did not expect the USDJPY and to do what it's doing. As a result, they continue to get squeezed.
What would hurt the bullish bias?
Although a down hourly bar will be the most minimum tilt in the short-term, getting back below the broken topside channel trendline near 142.47 (and moving higher) on the hourly chart above would be required to give sellers more comfort (at least temporarily if it can stay below).
Drilling down to the 5 minute chart below, the rising 100 bar moving average (blue line) currently at 142.26 (but moving up at a quick pace), would be a negative for the short term bias.
A higher level might be the 142.54 level which was a swing intraday high that then became a swing intraday low.
Move below that level and the aforementioned 100 bar moving average would be needed to give the sellers SOME comfort (the price would need to stay below those levels). Absent that and the buyers continue to win. The sellers continue to lose..
