Moves above 61.8% retracement of the move down from the March high
The USDJPY has moved to the upside on USD buying in reaction to the surprise gain in US jobs in May.
The price technically has moved above the swing hi going back to April 6 at 109.373 and its 61.8% retracement of the move down from the March high to the May low. That level comes in at 109.520. The high price extended to 109.669 so far. We currently trade around 109.60.
The best case scenario for the buyers is to stay above the 109.373 – 52 area. It gives the bulls full control.
Drilling to the hourly chart, the run to the upside took out a topside trend line at around the 109.43 level (currently a little higher. The pairs and open road on the chart. Stay above the broken trend line will also keep the buyers more in control.