The USDJPY is moving to a new session high and in the process is working toward the swing high from September 22 at 145.90. The price moved above the earlier session high at 145.662.
The Bank of Japan intervened in the market on September 22 sending the USDJPY down over 550 pips in a matter of hours. Since then, the price has been retracing those gains.
Last week, the price ventured above the 145.00 level that was a verbal intervention level, but backed off. On Friday after the better than expected US jobs report, the price moved above and closed above. There was no intervention in the Asian session, and that seems to be giving traders more confidence to go with the fundamentals.
The 145.90 level is the next target. Above that is a topside trend line near 146.00. Move above that level and the buying momentum is accelerating.
