USDJPY progresses to the next target level
The USDJPY has pushed to the next target against the 100 hour MA (blue line in the chart below). That level comes in at the 119.05 level. The 38.2% of the move down is at the 119.077. The high from Friday at the 119.18 is another upside target for the buyers now. Above that level is the 50% of the move down from last weeks high at the 119.34 level.
The push higher has been helped by finding good support against the 118.65 level earlier in the London/NY session. This was resistance yesterday, and in the Asian session today (see prior post and the RED horizontal line). Buyers leaned against this level to define and limit risk. There is bond selling today and that seems to be helping the greenback - especially the USDJPY.
This level with the 100 hour MA and the 38.2% at a similar level will be a test for the buyers. Do they have enough strength to push the pair above and toward the next targets?
