USDJPY had a nice run following Yellen's speech at Jackson Hole and my bullish trade that was entered near 100 is now up more than 200 pips. There were few reasons I chose to go long USDJPY last Friday: 1. Psychological level (100) 2. Weekly structure zone 3. Re-test of broken downtrend line (weekly) - Support 4. Re-test of the bottom of a trading channel (see green dashed lines).
The 50 days MA line is the first target zone and the price is very close to reach it. It may create a small pullback that will perhaps allow another bullish entry near 100.5-101, but I think that the bullish run is far from over. Next target zones - Top of the trading channel and later the 200 days MA line.