Trades between 100 and 200 hour MA
The USDJPY has seen a reversal of some of the declines from yesterday.
Looking at the hourly chart above, the pair yesterday and early today moved toward the recent lows. The low today stalled at 108.84 area. That level is the 50% of the 2016 trading range (see post from yesterday outlining the support level) The price has moved below that line at each of the last three weeks (including earlier this week) but failed. Today's holding was a key clue for traders. Buyers showed up.
The move off the low first stalled at the 100 hour MA area. That was broken and the price has moved up to test the topside trend line (at 109.43 currently). The pair trades above the 100 hour MA at 109.209 and below the topside trend line at 109.43.
A move above would look toward the 109.50 level (38.2%) and then the 200 hour MA at 109.639 currently.
Drilling to the 5-minute chart, the pair has remained above the 100 bar MA (blue line) since breaking earlier in the Asian session. There was a retest about an hour ago that found support buyers. It is currently is at 109.28 (and moving higher). That MA will be eyed as close(r) support (close risk) intraday.
