Tests 50% of the day's range too
The USDJPY has reversed higher after a run below its 200 hour moving average at 107.493 failed. The low for the day did bottom near the 50% retracement of the move up from the May 13 low at 107.409. The low for the day reached 107.395 just a pip or 2 away from that 50% retracement level. So the combination of the support holding at the 50% and the market
price moving back above its 200 hour moving average gave the buyers more confidence.
The run to the upside has ran into its own resistance. The 100 hour moving average at 107.636 and the midpoint of the days trading range at 107.656 as so far stalled the run higher. The high price just reached 107.652 between those 2 levels. It would take a move back above each to open up the upside move even more.
