Tests trend line resistance area

The USDJPY is trading at new session highs and in the process is testing a downward sloping trend line and a horizontal line of swing highs and low on the hourly chart. We are trying to move above that area now (above 115.195)

Be aware that if there is more momentum higher on the break, the 50% at 115.58 is the next target, followed by the 115.85 area. At that level is the 100 and 200 bar MA on the 4-hour chart both come in at that level. That combination should stall a rally.

US bond yields - unchanged at the start of the NY session - area higher. The 10 year yield is up 4 basis points. The US housing data was ok and the initial claims and Philly Fed index were also favorable. So the dollar bulls are more comfortable again.