USDJPY's second look above the 105.00 level finds more buying

Low against the Tuesday high, helped the buyers push

The USDJPY moved up to the 105.00. upper channel trend line level and found sellers. Those sellers took the price back to the high from Tuesday at 104.86 and held.

That hold at the old high (at 104.86) has helped to give the buyers more courage to take the price back to - and above - the upper trend line (and the 105.00 level). The 105.00 level is now risk for the buyers.

Where is the next target?

Looking at the daily chart, the 50% of the move down from the end of May high cuts across at 105.47. That is also where the swing low from early May low comes in (see RED horizontal line in the chart below). Above that, a topside trend line cuts across at 105.71.