USDJPY moves to a new high after basing near 155.95 support. That is close risk now.

The USDJPY moved lower in the European session today, after an Asian session run up that moved up to test a swing area near 155.95. The subsequent move higher took the price to and through a swing level at 155.95.

After that break, the price did rotate lower, but found support buyers ahead of the 155.95. That has led to the more recent run higher to new highs for day.

What next?

The next target has traders looking to 156.28. A move above that level and traders would look toward the high from last week at 156.75.

CLose risk now? 155.95. Staying above is more bullish.

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