Everything is going up. Even the USDJPY.

Everything is going up. Even the USDJPY.

While the EURUSD and GBPUSD shows USD weakness, the USDJPY is showing USD strength

New highs are being printed in the USDJPY.

While the EURUSD and GBPUSD make new highs (lower USD), the USDJPY is also reaching new highs as well (higher USD).  The combination is a recipe for higher EURJPY and GBPJPY and indeed those pairs are continuing their move higher too. 

For the USDJPY, the pair is approaching the June 15 high (high for the month) at 110.897.  Just before that is the 61.8% of the move down from the November 2017 high.   Next targets to get to and through now.  The move higher has broken above a trend line at 110.69. That is now a risk for longs who are looking for more upside (and break higher). 

Below is the look at the GBPJPY. The price has moved above the 50% of the June range at 145.934, and a topside trend line at 145.20.  The pair is stretching the gains for the day with a range of 199 pips vs a 22 day average of 122 pips. Could be overbought but need a dip back below 145.20 to potentially slow the trend.

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