The old high was at 113.38.
The USDJPY has taken the run to the highs (see «USDJPY takes another run toward the high») and in the procees has just moved to a new 2018 year high. The price moved to a high at 113.405. The January 2018 high price reached 113.38.
In the process, the price has moved above the July high at 113.169 and the underside of the broken trend line at 113.23. Those levels will be eyed as risk/bias levels now. Stay above keeps the bulls more in control. A move below would weaken the technical picture.
When an old high was so long ago (and maybe because it was back at the beginning of the year), the risk is there could be sellers right here. Risk is defined and limited. If it stalls, that could lead to other longs liquiidating -especially if the aforementioned broken levels are broken. So be aware.
Having said that sellers here are trying to pick a top, in what has been a straight trend move higher. Sellers along the way have tried but all have failed (see chart below).
As a result, more momentum above the 113.40 level could lead to the sellers covering.