The move higher in the USDJPY resumed overnight after the pair went down and kissed the 100 hour MA (blue line) at the 79.258 level and the 200 day MA at 79.218 (the 38.2% of the last leg was also in the area at the 79.24). Good sign and clue for the buyers to buy, and the price moved to new highs in early NY trading.
The 100 day MA at 79.59 today and the high from yesterday at 79.646 are the next hurdles to clear above. After that the 80.14 is the next major target. This is the 38.2% of the move down from the 2012 high (set in March – see chart below). On the downside today the next support should come in at the 79.37-42 area. A move below the 200 day MA (at the 79.21 would not be welcomed for the bullish traders.
