USDJPY buyers continue the push to the upside.

<p>The USDJPY momentum to the upside has continued with the pair making a new high in the current hourly bar. The high price has now reached 149.69. Earlier today, the price moved above a topside trend line on the daily chart (see chart below) at 149.29. Recall from yesterday, the price traded up that trendline, only to have sellers lean against it. </p><p>The break today has seen increased momentum above the level. That trendline is now a close risk defining level for buyers looking for more upside. It would take a move below to give the sellers some control (with more work). Absent that, and the buyers are firmly in the driver's seat.</p><p>Looking at the hourly chart below, a top-side channel trend line cuts across near 149.91 (and moving higher). On increased momentum, that trendline would be targeted. The level also corresponds roughly with the natural resistance at 150.00. I would expect traders to lean against that area on a test going forward.</p><p>For now, buyers are in firm control. </p><ul><li>On the downside, it would take a move below 149.29 to give sellers some confidence. </li><li>On the topside, 149.91 (and the natural resistance at 150.00) are the targets that should attract some decent selling on the 1st teest at least.. </li></ul>

This article was written by Greg Michalowski at www.forexlive.com.