USDJPY tests and extends above – the topside swing area target

The USDJPY is pushing higher and in-the-process has stretched to – and now through – a swing area between 151.198 to 151.27 area.

Earlier today, the price moved above the 200-hour MA at 150.336 increasing the bullish bias. That got the ball running.

With the price moving above the swing area now, the next target comes in at the 38.2% of the move down from the November high at 151.736. Getting to and through that level is important to show the buyers are more committed. Above that , the 200 day MA come in at 151.97.

This article was written by Greg Michalowski at www.forexlive.com.