USDJPY breaks to new highs for the day and week and moves closer to May high

The USDJPY has broken to a new day high, new week high and now looks toward the May high from May 1 at 157.989. That is the next upside target for traders.

The close risk now comes in at the earlier high for the day near 157.40 followed by 157.19. Moving below those levels and traders would start to look toward the rising 100-day moving average of 156.99 (call it 157.00).

Buyers are in control on the new break to the upside. Can they keep that short term control now.

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