The cracking of the 100 hour MA was a catalyst earlier in the day
The USDJPY - in yesterday's trading (see post from yesterday here) - moved to the 100 hour MA and backed off. However, the corrective move stayed above a broken trend line and when the price moved above the 100 hour MA (blue line) in the early Asian Pacific session today, the buyers started the run higher.
The price has moved up toward the 38.2% at 107.426, and the 200 hour MA at 107.498 (green line in the chart above). The high today reached 107.37 and is backing off ahead of the US stock market opening (expecting a lower opening). US yields are a little higher today.
If the buyers are to keep control, watch the lower trend line at 106.95 to define risk. Stay above is more bullish. Move below and the market is likely to waffle back and forth (with 106.83 area and the 100 hour MA potential support targets).
Stocks are now opening.
