Forex technical analysis: USDJPY moves above 100 bar MA(s)
More bullish move by traders, but.....
- The USDJPY is trading back at NY session highs. Good news for the buyers.
- The USDJPY is trading back above the 100 bar MA on the 5 minute and the 4-hour chart. Good news for the buyers.
- The USDJPY held the 100 hour MA at the day lows. Good news for the buyers.
- The USDJPY other low for the day held against the 200 hour MA. Good news for the buyers
All that is bullish.
Not so bullish, is:
- The price is lower on the day. The pair closed at 112.90. The current price is 112.58.
- The price correction higher has only been able to test the 38.2% of the move down today.
With all the dip buying going on against support levels, you would expect that the rebound would be above the 38.2%. Nope.
So, if long from the support levels below.....OK. But get above the 112.614 and stay above.
If short, watch the same level. If the buyers can not get the price back above that level, they will tire of being long. A move back below the 100 bar MA at 112.52-53 would be a clue they are giving up.