The USDJPY has moved sharply higher after breaking above trendline resistance at the 88.48 level. The price is testing the low from Feb 26th which was the bottom of the consolidation phase which gripped the market from Feb 25th to yesterday's break lower. A move above will run into 100 hour MA resistance at the 88.89 level currently. The price has remained below the 100 hour MA since February 23rd when it broke at 91.20.
The BOJ announced an increase in reserves for currency intervention today which warns the market that a sharp fall in the USDJPY may lead to some interbank intervention.
Watch the 100 hour MA for clues. A move above will next target 89.45 area where the market had a ceiling and where the 200 hour MA is moving towards.
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