USD/JPY minor drop
The USD/JPY pair increased to as high as 115.19 today. At the time of writing, it was trading at 115.12 above 114.92 broken upside obstacle. As you already know from my previous analysis, USD/JPY was expected to climb higher if it jumped and stabilized above 114.63 high.
As you can see, the currency pair passed also above 114.92 high which represented a static upside obstacle. As long as it stays above this level, USD/JPY could resume its upwards movement, the 115.45 higher high is seen as a major upside target.
USD/JPY trading conclusion
USD/JPY could extend its upside movement as long as it stays above 114.92. This level represented an upside obstacle which turned into a downside obstacle. A minor retreat could help the buyers to catch a new upside momentum towards 115.45.
An upside continuation could be invalidated if the rate drops and stabilizes below 114.92.
