Stuck back in the middle of the consolidation area
The USDJPY is trading at new session highs - continuing the move way from the 100 and 200 bar MA on the 4-hour chart below. The pair is also moving toward the middle of the range that gripped the pair from Nov 6 to Dec 9. We moved back into the range yesterday and we are seeing the follow through today.
In an up and down area, there can be a lot of "levels" for the USDJPY watch for support (risk for longs) at the 122.625. This has been a level for various swing highs/lows (see blue circles in the chart above). Stay above bullish move can continue. ON the topside, get above 123.00 is the next target.