Can we get and stay above the broken trend line and keep the momentum going.
The USDJPY was banging against the 100 hour MA for 8 hours today (blue line in the chart below). ON the downside, a trend line on the hourly chart was also holding support. Something had to give. The price broke to the upside. The price pushed higher (see chart below).
That break took the price also above the topside trend line and the swing high from last Thursday. However, it fell just short of the 38.2% of the move down from the May 10th high. The high reached 111.78.
What next?
The buyers who forced the price higher are being tested at the broken trend line. That line comes in at 111.49 currently, and the price is just testing that level now. Stay above and the intraday buyers remain in control. Move back below and the momentum higher may start to fade.
Key intraday test.
